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Help for First Time Home Buyers 

In Ontario

First Home Savings account (FHSA)

The First Home Savings Account (FHSA) is a registered savings plan in Canada that allows potential first-time home buyers to save for their first home tax-free, with a maximum contribution of $40,000 ($8,000 per annum) The FHSA combines aspects of tax-free savings accounts and registered retirement savings plans

Land Transfer Tax Rebate

​In Ontario, first-time home buyers may be eligible for a land transfer tax rebate. The Ontario Land Transfer Tax is paid by the purchaser of the property, and first-time home buyers may be eligible for a refund of up to $4,000.

Home Buyers' Plan (HBP)

The Home Buyers' Plan allows first-time homebuyers to withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP) to use as a down payment on a home. The withdrawn amount must be repaid over 15 years.

First-Time Home Buyer's Tax Credit 

The First-Time Home Buyer's Tax Credit is a federal program that provides a tax credit for first-time homebuyers, helping to reduce the amount of income tax they may need to pay

 The Canadian federal government offers several programs and initiatives to support first-time homebuyers. Here are some key points related to federal support for first-time homebuyers in Canada

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Rachel Stahlbaum

The Agency Real Estate Brokerage

133 Weber St. N. Suite 312, Unit 3,

Waterloo, ON, Canada, N2J 3G9

office # 519-472-0990

Direct # 226-910-1085

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