Buying a home for the first time can be overwhelming. That is why working with us, we eliminate that for you. There is NO cost to have us work with you to find you your home. We will help you get financial approval and the information you need with regards to owning a home.

Did you know there are government programs specifically for first time home buyers? We can guide you through those programs, but just so you know what is available, here is some information about those programs.

Home Buyers’ Plan (HBP)

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw funds from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year.

Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP, or they may not be deductible for any year. Generally, you have to repay all withdrawals to your RRSP’s each year until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income for that year.

The $25,000 per buyer does not HAVE to be used solely for down payment – it can be used for closing costs, paying off some debt, moving expenses, furniture, or upgrading your new home.

First Time Homebuyers’ Tax Credit:  $750.00

Through Canada’s Economic Action Plan, the federal government has introduced a First-Time Home Buyers’ Tax Credit (HBTC) to help with the purchase of a first home.  This will assist first-time homebuyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes.  The HBTC amount will apply to qualifying homes purchased after January 27, 2009, and will provide up to $750 in a Tax Credit.  For more information,

Land Transfer Tax Refund

Ontario’s Land Transfer Tax is a provincial tax payable by the purchaser of a property.  Therefore, if you purchase a property or land you are responsible for paying Land Transfer Tax to the Province at the time the transaction closes.  First-time homebuyers may be eligible for a refund of all or part of the tax.  The maximum amount of the refund is $4,000.  If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable.

Who qualifies?

To claim a refund, you:

  • must be at least 18 years of age;
  • must occupy the home as your principal residence within 9 months of the date of transfer; and
  • cannot have ever owned a home, or an interest in a home, anywhere in the world; or your spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse;

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