First time home buyers benefits in Ontario

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As a first time home buyer in Ontario the government has created benefits to help you with you first home purchase such as:

 1-The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your registered retirement savings plan (RRSPs) to buy or build a home for yourself or for a related person with disability. You can withdraw up to $25,000in a calendar year. (Source Government of Ontario)

For more details click HERE

2- Land Transfer Tax Refund for First-time Homebuyers

First-time homebuyers may be eligible for a refund of all or part of the tax. The maximum amount of the refund is $2,000. In addition to the Ontario Land Transfer Tax, on February 1, 2008 the City of Toronto introduced the Toronto Land Transfer Tax.

As a first time home buyer you may be eligible to a rebate if the property is in the City of Toronto. As a qualified first time buyer (and this applies to both builder and resale deals) such buyer is entitled to a rebate of up to a maximum amount of $3,725.00. (Source Government of Ontario & TREB)

To find out more click HERE