We know how tough it is to save up the down payment to buy your first house here in Windsor! We want you to be aware of some of the tax savings and credits that may be available to you.

 It can really add up when you are buying your first home in Windsor or anywhere in Ontario for that matter. That is why we want to inform you of any savings we know about that may help to make it happen. When you have to get the money together for legal fees, disbursements, land transfer tax and the other incidentals of your move it can be difficult to say the least.

 To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a First Time Home Buying Tax Credit in 2009 - a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. The credit will provide up to $750 in federal tax relief starting in 2009.

 To be eligible, you or your spouse or common-law partner acquire a qualifying home; and you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.

 If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first-time home buyer. However, the home must be acquired to enable the person with the disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person.

 This credit is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.

 Thankfully the Home Buyers Plan is still in effect and it has been expanded. This allows first-time buyers in Windsor and Ontario to access their RRSP savings plan to purchase or build a home. Good news the Government of Canada has increased the withdrawal limit to $25,000 from $20,000 per person for withdrawals made after January 27th, 2009. (Way back when, my husband and I took advantage of the $20,000 perk when we bought our first home in Windsor!) Every little bit helps.

You are welcome to use the Mortgage Affordabilty Calculator provided by CMHC. Get a rough estimate of what you can afford.

 If you are at all interested in attending a first time buyer seminar here in Windsor, sometime in the near or distant future, please fill out the form so we can notify you of the location, dates and times. CLICK HERE.