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There's no doubt that accumulating the savings to purchase a home can be difficult, especially in today's tough eco- nomic environment. So, it's no wonder that many Canadians have taken advan- tage of the government's various home buying incentive programs such as the Ontario Home Ownership Savings Plan (OHOSP) and the First Home Loan Insurance (FHLI) program. In fact, due to the popularity of the FHLI program, the government recently announced that the program will be extended for another five years. It was originally introduced in 1992 as a two- year program. This program was intend- ed to help people achieve their dreams of home ownership by reducing the mini- mum down payment requirements from 10 per cent to five per cent. Recent gram has than the ft FHLI program huge success statistics indicate that the pro been a much greater succes: )vemment originally anticipat Even if you minimum down vou mav still w more than as fwe pe Many ple who mortzam as five per cent. Many of these home buyers were peo- ple who could afford to carry monthly mortgage payments, but had difficulty accumulating a 10 per cent down pay- ment. If you are in a similar situation, this program could be just what you're looking for to make home ownership a reality fed: hasers bt " example, in than 100,000 rs bought the 1lly insured d; ant Jan put more th Javment on vour >wn Davment as to tak an 18-month period Ianadian home pur r first home with e" " mt an the 1me this pro iust five mom or married couples with combined net incomes of less than $80,000. By taking advantage of this program, you will receive interest on your OHOSP funds, the OHOSP Tax Credit and the Land Transfer Tax refund. If you are interested in participating in he Home Ownership Saving (OHOSP). This plan was intro 1989 to help Ontario residents their first home and provides tl tax savings when they make It is geared towards individuals with annual net incomes of less than $40,000 h h Another govemme1 p you buy a hor me Ownership JOSP). This plan n ime Runnin ram. You have the home improvement ulting from ent down and use ', Out for OHOSP mment program that can l home is the Ontario Your savmgs H IS introduced 1rticipating in 'tion to pt se the extr I', and othe them wit] a the pur "TIt 2Vt Plan , for with 'tlf )ut In the pr Decembt re bution son or Another government incentive that can assist you with your home purchase is the RRSP Home Buyers' Plan. This plan allows you to withdraw up to $20,000 from your RRSPs to buy or build a house. The RRSP Home available to all home race ontribute See 'FHLA' page 22) ate Ther IW 1V " tute to your plan, but y , an OHOSP Tax Cred "y of not more than $2, $4,000 per couple, per , in mind that the OHOSP Tax Credit MTI. make m 1n OHOSI Irnit ure Buyers' Plan is purchasers. Once 1U ou much it 000 If the final be ll yu it In Int in to m ttt m co Ci