Here's a helpful rundown:
First-Time Home Buyer Incentive: This program provides a shared-equity mortgage, allowing you to save:
5% or 10% for newly constructed homes
5% for resale homes
5% for new or resale mobile/manufactured homes
Home Buyers’ Plan (HBP): Access up to $35K tax-free from your RRSP (or $70K for couples) for your down payment, repayable interest-free within 15 years.
Tax-Free Home Savings Account (FHSA): Save up to $40K tax-free toward your first home.
Tax Benefits also include:
Land Transfer Tax Refund: Ontario residents can get up to a $4K rebate.
GST/HST Housing Rebate: Eligible for rebates on GST/HST paid on the new property. Application and eligibility documents required.
Stay updated with our real estate agents or check the Canadian Government website for current programs.