While there’s no doubt that this is probably the biggest decision of your life, its equally likely that it’s your biggest investment as well. Therefore, it’s important that you have all of the facts when making your first purchase.

The Canadian government, the nation’s financial institutions and developers like Camrost-Felcorp recognize the significance of this step and have all taken steps to make your first purchase easier.

For example, the Canadian Revenue Agency offers the Home Buyers’ Plan (HBP), which allows first time buyers to withdraw up to $20,000 from RRSP’s, to buy or build a ‘qualifying home’. You do not have to include eligible withdrawals in your income when you withdraw funds from your RRSP under HBP; however you do have to repay the amounts over a 15 year period (for more information on this and other federal programs visit www.cra-arc.gc.ca).

First-time buyers may also qualify for unique tax benefits and incentives. Those purchasers buying a newly constructed home from a builder who is registered by TARION Warranty Corporation (www.tarion.com) may qualify for a rebate of up to $2000 on the applicable land transfer taxes. Certain conditions and restrictions may apply and new buyers are urged to contact TARION for more information.

Camrost-Felcorp offers flexible deposit plans to assist qualified first time home buyers with their purchase. Please ask your sales consultant for more details.

As a first time buyer, there are a variety of programs and services that may benefit you, so it’s critical that you educate yourself not only about the market, but the financial options at your disposal. The internet is a great resource for information, as is your personal financial advisor, accountant or lawyer.