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