Personal Tax Advice for First Time Home Buyers

John is a 32-year-old software developer living in Toronto, Ontario. He recently purchased his first home and was excited to learn about the various tax benefits available to first-time homebuyers.

Through the advice of his financial advisor at Stratos, John learned about the new housing rebate, which allows first-time homebuyers to claim a rebate on the HST paid on the purchase of a new home. John was able to claim a rebate of $24,000 on the HST paid on his new home, which significantly reduced the overall cost of his purchase.

In addition to the new housing rebate, John also learned about the HBP, which allows first-time homebuyers to withdraw up to $35,000 from their registered retirement savings plan (RRSP) to put towards the purchase of a home. John was able to withdraw $15,000 from his RRSP through the HBP, which he used towards the down payment on his new home.

By taking advantage of these tax benefits, John was able to save a significant amount of money on the purchase of his new home and received a tax return of $15,000 as a result of his RRSP withdrawal. Overall, John was very happy with the advice he received from Stratos and grateful for the significant savings he was able to achieve through the use of these tax benefits.

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