FIRST TIME BUYERS

    Government of Canada and the Ontario government have established two popular programs to help first time home buyers. The programs are the RRSP Home Buyer's Plan and the Land Transfer Tax rebate.

  • RRSP Home Buyers' Plan
    • introduced by the federal government
    • allows first time home buyers to withdraw up to $20,000 from their RRSPs tax free to use towards the purchase of a property
    • money can be withdrawn from your RRSP provided it has been in your RRSP for at least 90 days
    • money withdrawn must be paid back to your RRSP within 15 years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
    • fore more information visit the website of Canada Customs and Revenue Agency

  • Land Transfer Tax rebate
    • introduced by the Ontario government
    • allows first time home buyers to get a GST rebate on new homes
    • maximum refund is $2,000 (CAN)
    • purchasers must apply for the refund no later than 18 months after registration of the home
    • for more information visit the website of the Ontario Ministry of Finance


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