First-Time Buyer
There are several programs and incentives that may be available to you to help make the process of buying a home more affordable.
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RRSP Home Buyer’s Plan
You may qualify for the RRSP Home Buyer's Plan if you haven't purchased a home within the last four years (or lived in a spouse's house in that same timeframe). The First Time Home Buyer's Plan benefits Canadians by allowing people to access up to 35K in funds in their RRSP tax-free to put towards their down payment. You have up to 15 years to repay those funds to your RRSP.
Funds must be in your RRSP for at least 90 days before purchasing your house.
1st Time Home Buyer’s Tax Credit
The First-time Home Buyers' Tax Credit was introduced as part of 'Canada's Economic Action Plan' to assist Canadians in purchasing their first home. It is designed to help recover closing costs such as legal expenses, inspections, and land transfer taxes.
The Home Buyers' Tax Credit is a 10K non-refundable tax credit that can get first-time homebuyers a rebate of up to $1,500.
Land Transfer Tax Rebate
Another tax credit available to first-time homebuyers in Ontario of up to $4,000.
Each province has rules about who can claim the land transfer tax rebate. The rebate amount depends on which province/city you live in, the home's value, and whether one or both buyers have owned a home.