Government Incentive Programs
Incentive & Rebate Programs
Source: CMHC Website
First Time Home Buyer Incentive
The First-Time Home Buyer Incentive helps first-time homebuyers without adding to their financial burdens. Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada. Visit the First-Time Home Buyer Incentive for more details.
Home Buyers Amount
The Home Buyers’ Amount offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. For an eligible individual, the credit will provide up to $750 in federal tax relief. Go to the Home Buyers’ Amount webpage to see if you are eligible.
Home Buyer’s Plan (HBP)
The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. Review the Home Buyers’ Plan for more information.
GST/HST New Housing Rebate
You may qualify for a rebate of part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house. GST/HST New Housing provides all of the details on this rebate.
Government of Ontario LTT Refunds for First-Time Home Buyers
Land transfer tax applies to all conveyances of land in Ontario. First-time homebuyers may be eligible for a refund of all or part of the tax payable.
Incentives Programs for Home
There are many conservation and renewable energy programs available in Ontario to help you in your efforts to be more energy aware for your home. They are offered by various levels of government, by local electricity and natural gas utilities, by non-profit agencies, and by many other associations.