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First Time Home Buyer Rebate and Purchase Incentive Programs available in Ontario

This is a great time to purchase real estate in Ontario, due to low interest rates and the fact that home prices are positioned to increase in the future.  Also, there are some excellent programs available for first time buyers to give you a financial boost. Take a look at these programs below that are offering rebates to home buyers with some targeted specifically to first time buyers.

First Time Home Buyer Programs available in Ontario

  1. First Time Home Buyer Land Transfer Tax Rebate
  2. First Time Home Buyers Tax Credit
  3. 5% Down Payment Program
  4. RRSP Home Buyers Program
  5. CMHC Purchase Plus Improvements Program
  6. Home Renovation Tax Credit

1.  First Time Home Buyer Land Transfer Tax Rebate

You may be eligible for a refund of up to $2,000 on the land transfer tax payable on your purchase.

Details

Get more information here: http://www.rev.gov.on.ca/english/refund/new home/ 

2.  First Time Home buyers Tax Credit

First-time home buyers may be eligible for a 15 per-cent income tax credit to help cover closing costs.

Details:

More details on this program at http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html


 3.  5% Down Payment Program

With as little as five per cent down payment, from personal or other sources (see below for eligible other sources), all qualifying home buyers can purchase with as little as 5% down payment.

Details:

Ask your Mortgage Broker for details or visit CMHC at www.cmhc.ca
   

4.  RRSP Home Buyers Program

The Home Buyers’ Plan [HBP] is a program under which you can with-draw up to $25,000 from your registered retirement savings plan [RRSP's] to buy or build a qualifying home. Withdrawals that meet all applicable HBP conditions do not have to be included in your income, and your RRSP issuer will not withhold tax on these amounts. However, before you can withdraw funds you must have entered into a written agreement to buy or build a qualifying home which you must occupy no later than one year after buying or building the home.

Conditions for participating in HBP:

 

If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $25,000. You cannot withdraw an amount from your RRSP under the HBP if you or your spouse owned the home more than 30 days before the date of your withdrawal.

Details:

5.  CMHC Purchase Plus Improvements Program

Canada Mortgage and Housing Corporation (CMHC) insured mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that the purchaser may wish to make to the property. 

Details:

Ask your Mortgage Broker for details or visit CMHC at www.cmhc.ca

 

6.  Home Renovation Tax Credit

Homeowners may be eligible for a tax credit when filing their 2009 tax return, of up to 15 per cent of eligible home renovation expenditures between $1,000 and $10,000.

Details:

Qualifying taxpayers can claim the HRTC when filing their 2009 tax return. 

 

 Information compiled by the Oakville, Milton & District Real Estate Board

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