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Marc LaCouvee 679 Memorial Avenue Qualicum Beach, BC
Phone: 250-752-6926 Mobile: 250-228-3428 Fax: 250-752-9180 Email Marc

6 Ways for Parksville-Qualicum Home Buyers to Save Money (PAGE 1 of 2)

Look for Marc LaCouvée's monthly article in every edition of The Beacon Magazine (!


Wise real estate decisions are made when you have a clear understanding of your personal financial circumstances. When assessing your situation, it is important to know that there is a broad range of cost-saving programs available to help you.

1. Home Buyers’ Plan: Registered Retirement Savings for Down Payments

Canada Revenue Agency’s Home Buyers’ Plan lets qualifying home buyers use up to $25,000 of their Registered Retirement Savings Plan (RRSP) to buy a home. Couples can use up to $50,000. The home must be a principal residence, the home buyers must not have owned a home within the past five years and the loan must be repaid within 15 years. For more information, contact the Canada Revenue Agency at 1-800-959-8281.

2. CMHC Green Home

The Canada Mortgage and Housing Corporation (CMHC) offers a 10% refund on your mortgage loan insurance premium and an extended 35-year amortization period when you buy an energy-efficient home or make energy-efficient renovations. Your new home must be either R2000 certified, have an EnerGuide Rating of 80 or be built by a member of a CMHC-eligible energy-efficient building program. For a renovation, the pre- and post-renovation EnerGuide Evaluation must show at least a 5 point improvement and have a minimum point total of 40. For more information, contact CMHC at 604-731-5733.

3. First-Time Home Buyers’ Tax Credit

The first-time home buyers’ tax credit (HBTC) is a non-refundable income tax credit for qualifying buyers of single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, or apartments in duplexes, triplexes, fourplexes, and apartment buildings located in Canada. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit is also a qualifying home. The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2010) by $5000. For the 2010 tax year, the maximum credit was $750. For more information, contact the Canada Revenue Agency at 1-800-959-8281.

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