Tax Breaks for new home buyers

Well, it 's that time of year when we are doing our taxes. As you look for all your receipts and fill out your tax forms here's one tax credit you may qualify for.
 Did you buy a house in 2012? If so you may be eligible for a $750 tax credit. Check the CRA website to see if you qualify.
  Do you live in Calgary, Airdrie or Okotoks? Replacing your present toilet with a water reduction unit could get you up to $150 back from your municipality. This could pay for the toilet and then the water savings would all go directly into your pocket.
   Are you trying to save for a house? You will need a 5% down payment.  Did you know that you could use your RRSP's as part of your down payment.? Here's the strategy. Buy RRSPs and get a tax credit. Hold them for at least 91 days and then you can cash them out to use for the down payment.
  Note that you have to fill out forms at your bank or credit union to show that you will be paying these RRSP's back over the next 15 years to avoid having to pay income tax on the money you receive.
   This strategy can get you into a home now, while interest rates are low and home prices are still reasonable. While you are paying your mortgage down and building equity, you are also going to see your house value go up adding to existing equity.
  "but if I use this strategy I will have a mortgage and a RRSP payment at the same time, I'll be poor"
 No , not necessarily. Your mortgage payment should be pretty low and may be less than you have been paying for rent. As your RRSP only needs to be paid back over 15 years it's managable.
 If you cashed in $15,000 in RRSP's you would pay back $1000 per year or $83. a month. That's pretty manageable , isn't it?  If you need more information, you can visit my website at http://davidcooke.ca
There's plenty of information and informative videos. Feel free to contact me for more information as well.