First-Time Home Buyers’ Tax Credit – a $5,000 non-refundable income tax credit on a qualifying home. The credit provides up to $750 in tax relief to assist first-time buyers with purchase costs.
- Home Buyers’ Plan – a one-time withdrawal up to $25,000 from a Registered Retirement Savings Plan (RRSP)
by first-time buyers to help purchase or build a home. Generally, you have to repay all withdrawals from your RRSP within 15 years.For more details, visit CRA’s website at: www.cra-arc.gc.ca.
- CMHC Green Home program – when you use CMHC-insured financing to buy or build an energy-efficient home or make energy-saving renovations, you may qualify for a premium refund of 10% on your mortgage default insurance and a premium refund for a longer amortization period (if applicable).Check out CMHC’s website for more information:
Government programs can change over time. For the most up-to-date information, refer to Service Canada’s website:
For more information, check the Canada Revenue Agency’s (CRA) website:
Read the whole Home / Cottage Buyers’ Road Map Series:
Home / Cottage Buyers’ Road Map Part 1 : Assess Financial Readiness
Home / Cottage Buyers’ Road Map Part 2 : Consider Mortgage Options
Home / Cottage Buyers’ Road Map Part 3 : Mortgage Default Insurance