Unlocking the Benefits for First-Time Home Buyers in Ontario

Land Transfer Tax Credit:  

Say goodbye to hefty closing costs with this rebate. Purchasing your first home entitles you to a $4,000 rebate on land transfer taxes. For properties valued at $368,000 or lower, the tax is waived entirely. Even for higher-priced properties, you still enjoy a significant discount. 

First-Time Home Buyer Tax Credit:  

Come tax season, claim up to $1,500 for your first home purchase. This credit, formerly $750, can be shared with a spouse or partner. It's a non-refundable credit, meaning it can reduce your taxes owed to zero, but won't result in a cash refund if you owe less than $1,500. 

Home Buyers' Plan (HBP):  

Tap into your RRSPs for up to $35,000 tax-free towards your home purchase. Couples can leverage up to $70,000 collectively. Repayment of this withdrawal is spread over 15 years, making it a manageable interest-free loan to yourself. 

Tax-Free First Home Savings Account (FHSA):  

Open doors to tax-free savings with an FHSA. Combining the perks of RRSPs and TFSAs, this account allows contributions of up to $8,000 annually, accumulating to $40,000 over your lifetime. Any unused contributions can be carried forward, but be sure to make your home purchase within 15 years to retain FHSA benefits.