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First Time Home Buyers

Looking to make home ownership a reality? You'll definiteyly want to take advantage of these benefits for first time home buyers.

If two people are purchasing a property together and both are first time home buyers, ask your lawyer or mortgage broker how to avoid losing both first time home buyer’s eligibility.

HBP (First Time Home Buyers RRSP Plan)

The HBP allows for purchasers to withdraw a maximum of $35,000 from their RRSPs to buy or build their first home. The amount withdrawn must be repaid within 15 years.

Land Transfer Tax Credit

The Land Transfer Tax Credit applies to both municipal and provincial taxes. The Ontario credit offers a refund up to a maximum of $4,000. This means first-time buyers who are permanent Ontario residents, will not pay land transfer tax on the first $368,000 of the cost of their home.

HBTC (Home Buyer’s Tax Credit)

The HBTC is a Government of Canada tax credit that you apply for with your income taxes. Any first time home buyer is eligible for a tax credit up to $750.


First-Time Buyer Home Incentive

The First-Time Home Buyer Incentive helps qualified first time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.

The Incentive's shared-equity mortgage is one where the Government of Canada has a shared investment in the home. It offers:

  • 5% or 10% for a first time buyer's purchase of a newly constructed home
  • 5% for a first time buyer's purchase of a resale (existing) home
  • 5% for a first time buyer's purchase of a new or resale mobile/manufactured home

The homebuyer will have to repay the Incentive based on the property's fair market value at the time of repayment, i.e. if a homebuyer received a 5% Incentive, they would repay 5% of the home's value at repayment. The homebuyer must repay the Incentive after 25 years, or when the property is sold, whichever comes first.

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