Buying Your First Home Quebec

The hbp allows each taxpayer to withdraw up to 35 000 tax free from their registered retirement savings plan rrsp to purchase a home.

Buying your first home quebec. What newcomers need to know. The amount for a qualifying home is 5 000 and the credit is applicable to single family homes townhouses semi detached houses mobile homes condos and apartments in a duplex triplex quadruplex or building. A qualifying home of an individual is a housing unit located in québec that was acquired at a particular time after december 31 2017 by. Condominiums or condos are shared properties that contain individual housing units. First time home buyers tax credit hbtc the federal government offers a tax credit for the purchase of a first home.

Each unit has its own owner. Consult buying your first home in canada. The government of canada offers a first time home buyer shared equity incentive program that shares part of the ownership and costs of buying your home with the government. The individual or the individual s spouse where the individual intends to inhabit the home as a principal place of residence not later than one year after the particular time and it is the individual s first housing unit. For spouses who work these refunds can be between 20 000 and 30 000 which is quite sufficient to purchase your first home.