First-Time Home Buyer Grants in Canada!

Home Buyer's Plan (HBP

The Home Buyer's Plan (HBP) is a federal program that allows first-time homebuyers to withdraw up to $35,000 from their RRSPs to use towards the purchase of a home. The withdrawal is considered a loan and must be paid back to the RRSP within 15 years. The HBP can be a great way to access additional funds for your down payment, while still maintaining your retirement savings.

First-time Home Buyers' Tax Credit (HBTC)

The First-time Home Buyers' Tax Credit (HBTC) is a federal tax credit that can provide up to $750 in tax relief for eligible first-time homebuyers. The credit can be claimed on your personal income tax return and can help offset some of the costs associated with buying a home, such as legal fees and land transfer taxes.

Land Transfer Tax Refund

In Ontario, first-time homebuyers may be eligible for a refund of all or part of the land transfer tax paid on their purchase. The maximum refund amount is $4,000 and can help offset some of the closing costs associated with buying a home.

First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive is a federal program that provides shared equity loans to eligible first-time homebuyers. The program allows buyers to borrow up to 5% or 10% of the purchase price of a home, depending on whether the property is new or existing. The loan does not require ongoing payments and is only repaid when the home is sold.