Buyer Credits & Incentives
Here are the rebates and programs that may be available to you
First Time Home Buyers Plan (FTHB)
RRSP savings to purchase or build a home, the plan has been increased to $60,000
First Time Home Buyers Tax Credit
The costs can be used for a $5,000 non-refundable income tax credit for qualifying homes. The credit will provide up to $750 in income tax savings.
Healthy Home Renovation Tax Credit
(Seniors Only) worth up to $1,500 each year calculated 15 % of up to $10,000 in eligible home renovation expenses
Land Transfer Tax Refund
The maximum amount refundable is $4,000 within the requirements.
First Time Home Buyers Incentive
The First-Time Home Buyer Incentive makes it easier for you to buy a home and lower your monthly mortgage payments. This program is a shared equity mortgage. This means that the government shares in the upside and downside of the property value. It allows you to borrow 5 or 10% of the purchase price of a home. You pay back the same percentage of the value of your home when you sell it or within a 25-year window.
It works like this:
You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000. If your home value increases to $300,000 your payback would be 5% of the current value or $15,000.
You receive a 10% incentive of the home’s purchase price of $200,000, or $20,000 and your home value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.
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