6 Home Buyer Incentives Programs That Could Save You Money

From The Blog

13 February 2021

Whether you’re looking to buy your first home, make the move to a new property, build a home or get some upgrades and renovations done to your current home, a helping hand is always welcome – especially when it comes to finances.  Luckily, there are a variety of programs currently offered by the Federal government to help with a range of home buyer/owner financing needs.  Take a few minutes to look into which program best suits your needs and find out what is needed to qualify – it could be well worth your while!


First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive helps first-time homebuyers without adding to their financial burdens. Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada. Visit the First-Time Home Buyer Incentive for more details.


Gov’t of Ontario Land Transfer Tax Refunds for First-Time Buyers

Land transfer tax applies to all conveyances of land in Ontario. First-time homebuyers may be eligible for a refund of all or part of the tax payable.


Home Buyer’s Plan (HBP)

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. Use this link for more information and to see if you qualify.


Home Buyers Amount

The Home Buyers’ Amount offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. For an eligible individual, the credit will provide up to $750 in federal tax relief. Use this link to see if you are eligible.


GST/HST New Housing Rebate

You may qualify for a rebate of part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house. Use this link to see if you qualify for this rebate.


Incentives Programs for Home

There are many conservation and renewable energy programs available across the country to help you in your efforts to be more energy aware for your home. They are offered by various levels of government, by local electricity and natural gas utilities, by non-profit agencies, and by many other associations.  Use this link to see what programs are available in Ontario.


Source: CMHC Website

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