Click for pdf to save or print
Currently our federal government offers a number of programs to assist homebuyers. These programs may change over time; for up to date information on these programs and the availability of other programs visit the website at www.servicecanada.gc.ca
First time home buyers may claim a $5,000 non-refundable income tax credit when you purchase a qualifying home. This provides up to $750 in tax relief. For more information visit the Canada Revenue Agency (CRA) website at www.cra-arc.gc.ca
First time home buyers may make a one-time withdrawal up to $25,000 from a Registered Retirement Savings Plan (RRSP) to assist with costs of purchasing or building a home. You will have to repay an amount to your RRSPs each year. Generally this needs to be repaid within 15 years.
Qualifying homes are required to be in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in a housing unit located in
Income tax will not be owed on the withdrawal, as long as it is repaid to an RRSP in equal installments over 15 years.
You may continue to make yearly RRSP contributions and receive the tax deduction, as well as making repayments to the plan. Repayment is not considered an RRSP contribution.
For details visit the Canada Revenue Agency (CRA) website at www.cra-arc.gc.ca
This program offers a 10% refund of the CMHC Mortgage Loan Insurance and a refund for a longer amortization period (if applicable). It applies to the construction or purchase of an energy efficient home or the purchase or refinance of an existing home where energy efficient improvements are being made and CMHC insured financing is being used. For details check the CMHC website at www.cmhc.ca