Help for First Timers

There are several plans to help you buy your first home.

Home Buyer Plan for First Time Home Buyers (HBP)*
If you bought a home more than five years ago, you may still be able to borrow RRSP money tax-free, but you can only use the plan once. This federal plan allows you to borrow up to $35,000 from your RRSP, tax-free, to help with your purchase. The money must be in your RRSP account for at least 90 days before you withdraw it, and your repayment must be made in equal annual installments over 15 years.

First Time Home Buyer Tax Credit (HBTC)*
This is a federal income tax rebate, calculated by multiplying the lowest tax rate for that year x $5,000. The total amount of the rebate can only be claimed once: if there are two of you buying a home, the rebate can be shared or given to just one Buyer.

Ontario Land Transfer Tax Refunds Available*
The Province of Ontario and the City of Toronto also offer refunds on part of the tax - if you have never owned any real estate anywhere in the world. No exceptions! The maximum amount available from the Province is $2,000; and from the City, $3,725.

*These rules change from time-to-time, so it’s important to double check with your lender. For full, current details on the HBP and the HBTC, go to www.cra-arc.gc.ca.

*Your mortgage broker will be able to help and advise you on all of the best options. As your Agent, I can help you choose an experienced broker who will help you figure out the option that suits you best!