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Cost Saving Programs For First-Time Buyers
Canadian Revenue Agency’s Homebuyer’s Plan allows first-time buyers to use their RRSP’s towards their down payment. Up to $25,000 can be withdrawn from your RRSP as long as the contribution was made 90 days prior.
This can allow a couple to withdraw up to $50,000 from their RRSP’s towards their down payment and it is only required to be paid back over a 15 year period.
GST/HST New Housing Rebate
First-time buyers living in Nova Scotia, New Brunswick, Newfoundland, Ontario, and British Columbia are eligible for an HST tax rebate through the federal government.
The rebate varies depending on what province you are in. For complete information and to find out how much you are eligible for contact Service Canada.
First-Time Homebuyers Tax Credit
Through the Government of Canada’s Economic Action plan homebuyers who have not owned a home in the last 4 years may be eligible for the tax rebate.
The rebate is based on the amount of $5,000 then multiplied by the lowest federal income tax rate for that year. You can learn more by visiting the Economic Action Plan website.