First Time Home buyer Incentive Program

First-Time Homebuyer Incentive Program

05.17.2024 | Buyer Programs

Learn About all of the Benefits of the First-Time Homebuyer Incentive Programs

Are you a first-time homebuyer in Ontario? There are several fantastic incentive programs available to help you achieve your dream of homeownership. These programs offer financial assistance and tax benefits, making homeownership more accessible and affordable in Brampton, Mississauga, Caledon, and beyond.

Key Homebuyer Incentive Programs

Home Buyers’ Plan (HBP)

  • What It Is: Allows you to withdraw up to $60,000 from your RRSP to buy or build your first home.
  • How It Helps: You won’t be taxed on the withdrawal if you repay it within 15 years.
  • Eligibility: Must be a first-time homebuyer, and the funds need to have been in your RRSP for at least 90 days.

Ontario Land Transfer Tax Refund

  • What It Is: A refund of up to $4,000 on the Ontario portion of the land transfer tax.
  • How It Helps: It covers the land transfer tax for homes priced up to $368,000.
  • Eligibility: Must be a first-time homebuyer. Neither you nor your spouse can have owned a home anywhere in the world.

Toronto Land Transfer Tax Rebate

  • What It Is: An additional rebate of up to $4,475 on the land transfer tax for homes purchased within the city of Toronto.
  • How It Helps: This rebate is in addition to the provincial land transfer tax refund, providing further savings.
  • Eligibility: Must be a first-time homebuyer purchasing a home in Toronto. Neither you nor your spouse can have owned a home anywhere in the world.

 Tax-Free First Home Savings Account (FHSA)

  • What It Is: A special savings account allowing you to save up to $40,000 tax-free.
  • How It Helps: Contributions are tax-deductible, and withdrawals to purchase your first home are tax-free.
  • Eligibility: Must be a first-time homebuyer and a Canadian resident.

Extended Amortization Program for Pre-Construction Homes Under $1,000,000 (Effective August 2024)

  • What It Is: Allows first-time homebuyers to extend their mortgage amortization period from 25 years to 30 years.
  • How It Helps: By extending the amortization period, your monthly mortgage payments will be lower, making it easier to manage your finances.
  • Eligibility: Must be a first-time homebuyer and meet the lender’s eligibility criteria.

Additional Programs for All Homebuyers

CMHC Green Home Program

  • What It Is: Provides a partial refund on your mortgage loan insurance premium for energy-efficient homes.
  • How It Helps: Get a refund of up to 25% of the mortgage insurance premium.
  • Eligibility: Available to any homeowner or homebuyer who meets the energy efficiency standards.

Ontario Energy and Property Tax Credit

  • What It Is: Helps with property taxes and sales tax on energy.
  • How It Helps: Receive up to $1,121 for non-seniors and $1,277 for seniors.
  • Eligibility: Must be a resident of Ontario, and income thresholds apply. This credit is available to all eligible residents.

First-Time Homebuyer Tax Credit (HBTC)

  • What It Is: A federal tax credit worth up to $1,500.
  • How It Helps: Helps cover closing costs such as legal fees and inspections.
  • Eligibility: Must be a first-time homebuyer and have purchased a qualifying home.

Why Should You Care?

These programs are designed to make your homebuying journey smoother and more affordable. By using them, you can lower your upfront costs and monthly payments, making it easier to manage your finances and secure your dream home.

Is This the Right Choice for You?

If you’re still unsure, don’t worry! The Keith and Françoise Real Estate Team are here to guide you every step of the way. We specialize in helping first-time buyers in Brampton, Caledon, Mississauga, and the GTA. Our team will ensure you make the most of these programs and find the perfect home for you.

Get Started Today!

To kickstart your dream of homeownership, simply fill out the form at bottom of the page or give us a call at 647-204-6307. We can’t wait to help you out!

Back to Ontario’s First-Time Home Buyer Programs: Your Ultimate Guide.


© 2024 - Keith & Franҫoise - EXP REALTY, BROKERAGE Made by Artifakt Digital