Photo: Contributed

Every first home owner has that fear of stepping off the plank and making the plunge into a long term financial investment, but let me remind you that you are not alone. First, you need to look at yourself in the mirror and be proud of making this first step. There will no longer be landlords looking over your shoulder and every improvement will be to your rewarding financial gain.

Now one common thing that you will see are dollar signs ($$$), but there are ways to defer some of the costs and to make this financial burden, not so much a burden anymore, but instead, an exciting and easy transaction.

There is a break our government has put in place for first time home buyers.  It is called a First Time Home Buyers Tax Credit, (FTHB). The cost associated with a purchase of a property can get quite expensive with legal fees, land transfer tax and disbursements, etc. To assist first time home buyers with this cost, the Government of Canada in 2009 put in place a $5,000 non-refundable income tax credit on a qualifying home acquired after January 2009. For an eligible individual the credit will provide up to $750 in federal tax relief.

This is one of the biggest investments that you will ever make. Remember to protect yourself and consult an experienced real estate agent to advise you on your “Next Step Plan”. You are about to embark on an exciting journey and this should be taken with care and forethought as well as ambition and anticipation for your future.

You will never be here again at this very moment, so live it, love it and don’t forget to laugh!