The federal government has assistance programs to help homebuyers. Research government program requirements to see if you are eligible.
- 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 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
- 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
Government programs can change over time. For the most up-to-date information, refer to Service Canada’s website: www.servicecanada.gc.ca
Information taken from the Homebuyers’ Road Map – www.crea.ca