As we all know, the Government of Canada led by Justin Trudeu works tirelessly to provide Income and Economical Support to their citizens through various programs. Now, one of the major programs among these is First Time Home Buyer Incentive under which all the buyers get 10% Financial Assistant in buying their New Home. Many readers were looking for the details related to this program so we decided to come up with complete information related to FTHB Incentive such as Eligibility, How Does it Work, Application process and more. If you are also planning to buy a new home then you should definitely register for this Incentive. You should make sure that you pass all the requirements as per First Time Home Buyer Eligibility. If you qualify to apply online and then register online then you will get various benefits offered under the Program. Make sure you check the FTHB Incentive Calculator through which you can get to know about the amount which you will get under this program. Detailed Instructions are available in this post by using which you can Apply Online First Time Home Buyer Incentive on the Official Website.
First Time Home Buyer Incentive
The Canadian Government launches various programs through which they offer benefits to their citizens and various rewards such as Tax Rebate, Income Support and others are provided under the programs. It is to inform you all that the First Time Home Buyer Incentive is another program launched by the Canadian Government. This program is one of the most important programs in which First Time Home Buyer gets 10% Down Payment from the government which you can repay as per the schedule. If your family income is $150,000 or below then you are eligible to apply for the FTHB Incentive. You should know that if you buy the newly constructed house then you will get 10% Payment Assistance and if you buy Second Hand Home then you will get 5% Assistance. This Scheme is applicable in all the Provinces of Canada and can be applied by the Residents to claim the benefits offered under this scheme. If you buy the home worth $5,00,000 then you will get assistance of $5000 to buy the new home.
FTHB Incentive Calculator & Eligibility
|Program name||First Time Home Buyer Incentive|
|Purpose of Program||Helps Citizens in Buying their 1st Home|
|Eligibility||Family Income below $150,000|
|Applicable on||Citizens of Canada|
|FTHB Incentive Benefits||10% Down Payment by Government|
|Service Available in||All Provinces|
|How to Apply||Steps Discussed Below|
|FTHB Calculator||Available Below|
|Type of Article||Finance|
First Time Home Buyer Incentive Eligibility
- Check the Points below to know about First Time Home Buyer Incentive Eligibility.
- First of all, you must be a resident of Canada and have been living in Canada for the past many years.
- Secondly, your family income must be less than $150,000 per annum and then only you can apply online.
- Thirdly, this must be the First home which you are buying in Canada and the Incentive depends upon your House.
- Moreover, you will be eligible to get a Down Payment Incentive of 5% to 10% depending upon your House Condition.
FTHB Incentive Calculator
- All the interested applicants are requested to check points below to know about FTHB Incentive Calculator.
- The condition of the House is the major factor which affects your Incentive Amount.
- If you buy a new house then you will get a 10% down payment from the Government.
- If you buy a renovated house then you will get an incentive anywhere between 5% to 10%.
- If you buy an under construction home then you will be eligible to get 5% Down Payment.
How to Apply Online First Time Home Buyer Incentive
- Use the Instructions below to Apply Online First Time Home Buyer Incentive.
- First of all, you have to visit the official website of the Canadian Government.
- Search for FTHB and wait for the results to come up.
- Now, Download the SEM Attestation & Consent Form.
- Fill this form with the basic details and then submit the form with CRA.
- Now, you will receive the incentive before buying your new home.
First Time Home Buyer Incentive Benefits
- Following are the Benefits of First Time Home Buyer Incentive so make sure you read them before proceeding further.
- First of all, this program offers you 10% Incentive on buying the first home.
- You can repay the amount once you have bought the House.
- This Incentive is Tax-Free and you can use this amount without any worry.
- There are many other benefits of this program which you will get after your application is approved.
FATs on First Time Home Buyer Incentive
What is the First Time Home Buyer Incentive?
FTHB Incentive is offered to the Canadian Citizens on buying a first home.
Who is eligible for FTHB Incentive?
All Families who have Annual Income Below $150,000 are eligible for First Time Home Buyer Incentive.
How much is the FTHB Incentive?
FTHB Incentive is 10% of the cost of your Home.
What is the name of the Form to be filled for First Time Home Buyer Incentive?
Fill SEM Attestation and Consent Form to apply for FTHB Incentive.