Ontario First-Time Home Buyer Guide
Data were taken from The Toronto Regional Real Estate Board (TRREB)

 

What government programs are available for first-time home buyers in Ontario?

 

First-Time Home Buyers Tax Credit

For the 2022 and subsequent taxation years, the Budget proposes to increase the amount used to calculate the HBTC to $10,000, which would provide a tax credit of up to $1,500 to eligible home buyers.

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First-Time Home Buyer Incentive

• 5% or 10% for a first-time buyer’s purchase of a newly constructed home

• 5% for a first-time buyer’s purchase of a resale (existing) home

• 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home

 

RRSP Home Buyer's Plan

You can generally withdraw up to $35,000 from your Registered Retirement Savings Plan (RSP) to buy or build a qualifying home.

 

HST New Housing Rebate

-You may be eligible to claim a rebate for part of the HST you pay on the purchase price of a newly constructed home or the closing cost of building your home.

-An example could be if your home was destroyed in a fire and has been substantially rebuilt.

 

Land Transfer Tax Rebate (Provincial and Toronto)

The maximum provincial land transfer tax rebate is $4000 and the maximum Toronto land transfer tax rebate is $4475.

 

Ontario Healthy Home Renovation Tax Credit

. The healthy homes renovation tax credit is a permanent personal income tax refund for seniors and the family members who live with them.

• Those who live with them can claim up to $10,000 worth

of modifications on their income tax returns and receive back

15 percent of eligible expenses.

 

Government Backed Mortgage Insurance

When home buyers make a down payment of less than 20 percent of the purchase price.