Land Transfer Tax Refund

If you’re a first-time home buyer in Ontario, you may be eligible for a refund of up to $4,000 of the land transfer tax you paid on your home purchase. To qualify, you must be at least 18 years old, must occupy the home as your primary residence within nine months of the purchase, and cannot have owned a home anywhere in the world

First-Time Home Buyer Tax Credit

The First-Time Home Buyer Tax Credit is a non-refundable tax credit that allows first-time home buyers to claim up to $5,000 in tax relief. This credit can be applied to the costs associated with buying a home, including legal fees, land transfer taxes, and home inspections. To be eligible, you must have purchased a qualifying home, and you must not have lived in another home owned by you or your spouse within the last four years.

Home Buyers’ Plan

The Home Buyers’ Plan (HBP) is a program that allows first-time home buyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to use towards the purchase of a home. The withdrawal is tax-free, and you have up to 15 years to repay the amount you withdrew from your RRSP. To be eligible, you must be a first-time home buyer, and you must have a written agreement to buy or build a qualifying home.

First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive is a program that provides eligible first-time home buyers with a shared equity mortgage of 5% or 10% to help them buy a home. The shared equity mortgage is interest-free and requires no ongoing payments, but must be paid back when you sell the home or after 25 years. To be eligible, you must have a maximum household income of $120,000 and must be able to come up with a minimum down payment of 5% of the home’s purchase price.