First Time Home Buyer Assist Program


1. The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to$25,000 from your registered retirement savings plan (RRSPs)

a. 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.

b. Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You will have to repay an amount to your RRSPs 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.

2. Land Transfer Tax Rebate (First-time home purchasers)

a. Ontario Land Transfer Tax maximum amount of the rebate is $2,000.

b. Toronto Land Transfer Tax maximum amount of the rebate is $3,725.

3. HST Rebate for pre-construction development only.

4. First Time Home Buyers' Tax Credit - provides a 15% credit on maximum of $5,000 of home purchase costs (e.g. legal fees, land transfer tax, etc.), meaning maximum tax relief of $750.



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First Time Home Buyers Requirement:

  • Buyer must be min 18 years old;

  • Buyer must never own a home anywhere in the world;

  • The spouse must not have owned a home anywhere in the world while the Buyer was a spouse of an individual who owned a home.