REBATES FOR FIRST-TIME HOME BUYERS

First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive helped people across Canada purchase their first home. The program offered 5 or 10% of the home’s purchase price to put toward a down payment.

IMPORTANT
The First-Time Home Buyer Incentive is no longer accepting applications. No new approvals will be granted after March 31, 2024.

The deadline for new submissions for the First-Time Home Buyer Incentive was March 21, 2024, midnight EST.

https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive

Home Buyer’s Amount

You can claim up to $10,000 for the purchase of a qualifying home in 2023 if you meet both of the conditions in the link below.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31270-home-buyers-amount.html

Home Buyer’s Plan (HBP)

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a specified disabled person. Budget 2024 increased the HBP withdrawal limit from $35,000 to $60,000. The increased withdrawal limit applies to withdrawals made after April 16, 2024.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

Land Transfer Tax Refund

If you are a first‑time homebuyer, you may be eligible for a refund of all or part of the land transfer tax.

https://www.ontario.ca/document/land-transfer-tax#section-1

INCENTIVES FOR YOUR 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.

https://www.enbridgegas.com/ontario/rebates-energy-conservation/home-efficiency-rebate

https://natural-resources.canada.ca/energy-efficiency/homes/canada-greener-homes-initiative/canada-greener-homes-grant/greener-homes-grant-ontario/24835

https://www.citygreen.ca/incentives/

https://www.energy.gov/energysaver/services/incentives-and-financing-energy-efficient-homes