First Time Home Buyers

As a First time home buyer, you probably have many questions about the home buying process, things you need to know and what you need to have prepared to actually purchase your first home.
If you are ready to Stop spending hours on the internet for searching your perfect home, then fill out the form below. I will send you information directly to your e-mail address on weekly basis. With topics ranging from how to choose the home thats right for you, what should your budget be, getting your financing in order and many more.


Govt. Programmes For 1st Time Home Buyers

As a First time home buyer, you are entitled to two programmes introduced by Govt. of Canada.
1. First Time Home Buyers Tax Credit ( HBTC )
2. Home Buyer's Plan ( HBP )
Ontario Govt. also offers Land Transfer Tax refunds to first time home buyers.
Mortgage Loan Insurance is available from Canada Mortgage and Housing Corporation ( CMHC )

First-time Home Buyers’ Tax Credit (HBTC)

The First-time Home Buyers’ Tax Credit exists to assist first-time home buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes. The HBTC is a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009.

For an eligible individual, the maximum credit amount is $750.
You are considered eligible if:  
1) you or your spouse or common-law partner acquired a qualifying home  
2) you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.


Home Buyers’ Plan (HBP)


Home Buyers Plan allows first-time home buyers to withdraw up to $25,000 from their RRSPs on a tax deferred basis to use toward the purchase of a home in Canada. To qualify as a first-time home buyer, purchasers must not have lived in a home owned by themselves or their spouses or common-law partners in the preceding four years period outlined by CRA. If both you and your spouse or common-law partner qualify under the Plan, you can each withdraw up to $25,000 from your RRSPs for a total of $50,000.

Before you are entitled to withdraw the money from your RRSP, you must have entered into a written agreement to purchase or build a home that you intend to occupy as your principal residence. The purchase of a cottage or a commercial property, for example, would not qualify for this program because they are not a principal residence.

Money can be withdrawn from your RRSP provided it has been in your RRSP for at least 90 days. If you have signed an Agreement of Purchase and Sale and you have at least 90 days until your closing, you can open an RRSP and make a contribution, receive the tax deferred benefit and then withdraw the same money and put it toward the purchase of your home.

Money withdrawn under this federal program must be paid back to your RRSP within 15 years. People generally deposit one fifteenth of the amount withdrawn back to the RRSP over each of the following 15 years. If you do not pay the full amount back to your RRSP within 15 years, the amount outstanding will be subject to tax when you file your income tax return in the following year.

Land Transfer Tax Rebate

As of January 1, Ontario's first time home buyers are eligible to receive a $4,000 land transfer tax rebate.
Beginning January 1, 2017, no land transfer tax would be payable by qualifying first-time purchasers on the first $368,000 of the value of the consideration for eligible homes. First-time purchasers of homes greater than $368,000 would receive a maximum refund of $4,000.


  •  Are you at least 18 years old
  •  You and your spouse are first-time homebuyers
  •  Your purchased home will be your principal residence
  •  You are a Canadian citizen or permanent resident
  •  Your home closes January 1, 2017 or later


My partner and I are buying a home together. I have owned a home, but he has not. Does he qualify for the first-time homebuyers refund?

Your partner's eligibility for a refund depends on whether you are spouses as defined in section 29 of the Family Law Act. Please refer to the Definitions section for the meaning of spouse.

If you are not spouses, then your partner may claim a refund based on his interest acquired in the home. If you are spouses, and both of you are Canadian citizens or permanent residents of Canada, your partner may claim a refund up to the maximum refund amount applicable to your transaction (you can claim the refund for your interest and your partner's interest), as long as you did not own a home while you were each other's spouse. If you did own the home while you were spouses of each other, then your partner does not qualify for a refund even if you did not live in the house together.

Please refer to the Refund amounts and limitations section for information about maximum refund amount.

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