The federal government offers a range of Buyer assistance programs to help homebuyers.
FIRST‐TIME HOME BUYERS’ TAX CREDIT
- A $5,000 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.
- For more information, check the Canada Revenue Agency’s (CRA) website: www.cra‐arc.gc.ca
HOME BUYERS’ PLAN
- A one‐time withdrawal up to $25,000 from a Registered Retirement Savings Plan (RRSP) by first‐time buyers
- Generally, you have to repay all withdrawals from your RRSP within 15 years.
- For more details, visit CRA’s website at:www.cra‐arc.gc.ca
CMHC GREEN HOME PROGRAM
When you use 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 for more information: www.cmhc.ca
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