Research Assistance for New Home Buyers - Do You Qualify?


The Federal Government has assistance programs to help homebuyers.  Research government program requirements to see if you are eligible!

 

1.  First Time Home Buyers Tax Credit - a $5000 non-refundable income tax credit on a qualifying home.  The credit provides up to $750 in tax relief to assist first time buyers with purchase costs.  Check the Canada Revenue Agency's (CRA) website:   www.cra-arc.gc.ca

 

2.  Home Buyers' Plan - a one-time withdrawal up to $25,000 from a Registered Retirement Savings Plan (RRSP) by first time buyers to help purchase or build a home.  Generally you have to repay all withdrawals from your RRSP within 15 years.  For more details, visit CRA's website:  www.cra-arc.gc.ca

 

3.  CMHC Green Home Program - when you CMHC-insured financing to buy or build an energy efficient home or make energy-saving renovations, you may qualify for a  premium refund of 10% on your mortgage default insurance and a premium refund for a longer amortization period (if applicable).  Check out CMHC's website:  www.cmhc.ca

 

Government programs can change over time.  For the most up-to-date information, refer to Service Canada's website:

www.servicecanada.gc.ca

 

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