First Time Buyers Incentives

1) First Time Home Buyer's Tax credit (HBTC)

• A proposed tax credit of 15% to be applied to an amount of $5000. Therefore a maximum tax rebate of $750 is issued to assist new home owners with their first purchase.

How do I qualify for (HBTC)?

• You, your spouse or common law partner have purchased a residential property for the first time
• You have not lived in a home you, your spouse or your common law partner have owned within the last four years

2) First Time Home Buyer's Land Transfer Tax Rebate

• First time home buyer's are given a Rebate up to $2,000 to assist first time home buyers with Land Transfer Taxes.
• Ex. A $225,000 home would have Land Transfer Taxes of $1975. For a first time home buyer there would be no charge.
• This rebate applies to Resale Homes and New Construction Homes

3) Home Buyer's Plan (HBP)

• Allows first time home buyers to withdrawal up to $25,000 per individual in a calendar year from their registrant retirement savings plan (RRSP's) to put towards a down payment to buy or build their first home.
• The amount withdrawn has to be repaid within 15 years and payment begins the second year after the amount is withdrawn.
• Over a 25 year Mortgage the extra money given in a Down Payment will save you money over the length of the mortgage.