The federal government has assistance programs to help homebuyers. Research government program requirements to see if you are eligible.
If you have a Registered Retirement Savings Plan (RRSP), you can withdraw from your RRSP (it’s not considered a loan as no interest is charged) to buy or build your first home under the Canada Revenue Agency (CRA) Home Buyers’ Plan (HBP).
There have been recent changes to the The Home Buyers’ Plan (HBP) program. The HBP allows eligible first-time homebuyers to withdraw up to $35,000 tax-free from their RRSP (for withdrawals made after March 2019. Withdrawals made before March 2019 could not exceed $25,000), to be used towards a down payment on the purchase of the home.
You can take advantage of the tax deductions that RRSP contributions provide while saving for a down payment on your home. Then, you can withdraw the funds tax-free and use them towards a home. This can add a huge chunk to your savings, and if you’re a couple planning to buy a home together, you can both withdraw – that’s substantial!
For more info, please visit the CRA’s website: https://www.canada.ca/en/revenue-agency.html
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: https://www.canada.ca/en/revenue-agency.html
Energy-efficient homes can be linked to increased comfort and healthier living while improving energy efficiency reduces greenhouse gas emissions and lowers the cost of owning and maintaining your home.
CMHC Green Home offers a premium refund of up to 25% to borrowers who either buy, build or renovate for energy efficiency using CMHC-insured financing.
Download more information on CMHC Green Home Program Fact Sheet.
Check out CMHC’s website for more information: https://www.cmhc-schl.gc.ca
