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 at: 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
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