CMHC Announced The First-Time Home Buyer Incentive Program Will Be Ending
The deadline for new or updated applications for the First-Time Home Buyer Incentive is March 21, 2024, at midnight ET. No new approvals will be granted after March 31, 2024.
Initially designed to ease monthly mortgage payments for first-time buyers, the program involved the government acquiring partial ownership of a property. Under this initiative, eligible buyers received a loan of up to 10 percent of the purchase price, which could be used for a larger down payment, consequently reducing monthly payments.
However, participants were obligated to repay the incentive after 25 years or upon selling the property, with the repayment amount adjusted based on changes in the property’s value.
Source: https://www.cmhc-schl.gc.ca/consumers/home-buying/first-time-home-buyer-incentive
Help Your Teen Become Tax Savvy
Life moves quickly. One moment, you’re cradling your newborn, and the next, you’re guiding your teenager through essential life lessons to prepare them for adulthood – from handling their own laundry and cooking meals to navigating the job market.
Teaching teens about taxes is another crucial skill they’ll need. Fortunately, it doesn’t have to be daunting.
A simple way to begin is by introducing them to the Canada Revenue Agency’s interactive “Learn about your taxes” online tool. This tool uses lessons, quizzes, and videos to educate teens about taxes, including what they need to know when they start working, how to interpret their first pay stub, understanding benefits and credits, and their tax responsibilities. By grasping these fundamentals early, teens will feel more confident when they eventually file their taxes independently.
Moreover, understanding taxes will ensure they receive any entitled tax refunds, benefits, and credits throughout their lives. Benefits like the GST/HST credit and the Canada Child Benefit (perhaps for their own children in the future) are managed through the tax system. Filing taxes promptly each year will guarantee they don’t miss out on these payments.
While it’s a significant transition to witness your child mature into an adult, teaching them life skills will smoothen the process. Plus, the more self-sufficient they become, the more freedom you’ll regain.
We understand that time flies by quickly. Your teen can begin their tax education journey at canada.ca/learn-about-taxes.
