First time home buyer
Buying your first home should be an enjoyable experience. However, most first-time buyers can find the process to be overwhelming. Here are some things you should be aware of before you start on your journey:
Best mortgage rates
Tips for getting started
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Know your credit score
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Develop a budget
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Learn key mortgage terminology
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Determine how much you can afford
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Get pre-qualified
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Talk to a mortgage professional
RRSP homebuyers plan
RRSP Homebuyers Plan Effective January 27, 2009, as a first time home buyer, you are allowed to withdraw up to $35,000 as of March 20, 2019 from your RRSP without penalty. This amount can be doubled with your partner to a total of $70,000. Participants of the Homebuyers plan must begin repayment to their RRSP within two years of withdrawing the funds. For more information, talk to your mortgage professional or visit:
First time home buyer tax credit
First-time home buyers may be eligible for a 15% non-refundable income tax credit on a maximum of $10,000, representing up to $1,500 in tax savings. The tax credit is available for eligible homes purchased in 2022 and subsequent taxation years. Apart from the increased maximum tax credit, all other eligibility requirements and rules for the First-Time Home Buyers’ Tax Credit (HBTC) have not changed. For more information visit:
First time home buyer plan
First-time home buyers may be eligible for a 15% non-refundable income tax credit on a maximum of $10,000, representing up to $1,500 in tax savings. The tax credit is available for eligible homes purchased in 2022 and subsequent taxation years. Apart from the increased maximum tax credit, all other eligibility requirements and rules for the First-Time Home Buyers’ Tax Credit (HBTC) have not changed. For more information visit:
Land transfer tax
If you purchase land or an interest in land, you may be entitled to a refund of a Provincial Land Transfer tax. In Ontario, qualified first time home buyers may be entitled to a refund of a provincial Land Transfer Tax up to a maximum of $2,000 or a home priced up to $227,500. There is also a first time buyers refund for homes purchased in the City of Toronto.
