Land Transfer RebateIf 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
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annual payment of 1/15th of the amount withdrawn.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
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.