First Time Home Buyers

 
First Home

Land Transfer Rebate

If you are a first time buyer you can receive up to $2,000.00 through a land transfer tax rebate. Get more information on the Land Transfer Tax Refund Program here.

Federal Home Buyer Plan

The Federal Home Buyers Plan allows first time homebuyers to withdraw up to $25,000 from their RRSP for the purpose of buying or building a qualifying home. The primary benefits are that the RRSP issuer will not withhold tax on the amount nor will you have to claim the amount as income. The amount must be repaid to the RRSP within 15 years with a minimum annual payment of 1/15th of the amount withdrawn. If a repayment is not made for a given year the minimum repayment is included as taxable income for that year. 

Who Is Considered A 1st Time Buyer

For the Land Transfer rebate you are condisered a first time buyer if you or your spouse have not owned a home in the past.

For the Federal Home Buyer Plan, you are considered a first time home buyer if you have not owned a home while you occupied it as your principal place of residence for five years. At any time in the fifth calendar year since you last owned a home you can qualify for the Federal Home Buyer Plan.