First-Time Home Buyer Incentive
The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.
Home Buyer’s Amount
The Home Buyers’ Amount offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. For an eligible individual, the credit will provide up to $750 in federal tax relief.
Home Buyer’s Plan (HBP)
The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.
Land Transfer Tax Refund
If you’re a first-time home buyer, you may receive a refund from the Ontario government of up to $4,000 of the land transfer tax you paid on your first home.
There are many conservation and renewable energy programs available in Ontario to help you in your efforts to be more energy aware for your home. They are offered by various levels of government, by local electricity and natural gas utilities, by non-profit agencies, and by many other associations. Whether you are looking for more information, practical assistance, financial incentives, or other resources, click on the link below to find the programs best suited to your interests and needs.
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