🏡 FEDERAL First-Time Home Buyer Programs (Canada-wide)

✅ 1. First-Time Home Buyers’ Tax Credit (HBTC)

  • Benefit: $10,000 non-refundable tax credit
  • Tax savings: Up to $1,500 (based on 15% of $10,000)
  • Eligibility: You (or spouse) didn’t own a home in the past 4 years

✅ 2. Home Buyers’ Plan (HBP)

  • Withdraw up to: $60,000 (NEW limit for 2024, increased from $35,000)
  • From: Your RRSP, tax-free
  • Repayment: Over 15 years, starting 2nd year after purchase
  • Eligibility: First-time buyer or haven’t owned a home in past 4 years

✅ 3. Tax-Free First Home Savings Account (FHSA)

  • Annual contribution limit: $8,000/year
  • Lifetime limit: $40,000
  • Major perks:
    • Contributions are tax-deductible (like an RRSP)
    • Withdrawals are tax-free for buying a first home (like a TFSA)
  • Can combine FHSA + HBP to maximize your down payment

❌ [Phased Out] First-Time Home Buyer Incentive (Shared Equity Program)

  • This program is being wound down in 2024/2025 due to low uptake
  • It offered 5–10% of a home’s value as a shared-equity loan
  • Not available anymore to new applicants in most regions

🏙️ ONTARIO First-Time Home Buyer Incentives

✅ 1. Ontario Land Transfer Tax Refund

  • Maximum refund: $4,000
  • Applies only to Ontario’s portion of the land transfer tax
  • If the home costs ≤ $368,000, you may pay zero Ontario LTT
  • You must:
    • Be 18+
    • Never owned a home before
    • Live in the home as your principal residence

✅ 2. Toronto Land Transfer Tax Rebate (if buying in Toronto)

  • Max rebate: $4,475 (on top of Ontario’s $4,000)
  • Applies only if you buy in Toronto proper (subject to double land transfer tax)

🧮 Example – What a First-Time Buyer Can Access in Ontario:

ProgramAmount / Benefit
RRSP HBPUp to $60,000 (per person)
FHSAUp to $40,000 tax-free (per person)
HBTC$1,500 tax refund
Ontario LTT RebateUp to $4,000
Toronto LTT RebateUp to $4,475 (if buying in Toronto)

🔐 Other Supports (not just for first-time buyers):

🔹 CMHC Insurance Flexibility

  • With as little as 5% down payment
  • Premium is lower if you’re using the HBP or FHSA

🔹 GST/HST New Housing Rebate

  • Available if buying a new build or substantially renovated home
  • Can refund part of the HST paid (up to $6,300 federally, plus provincial portion)

If you have any questions about these first-time home buyer programs or need help navigating the process, feel free to reach out. I’m Soheil Shivarani, a licensed real estate agent in Vaughan and the Greater Toronto Area, specializing in helping first-time home buyers in Ontario. Whether you’re looking for expert advice, local market insights, or step-by-step support, I’m here to help you make confident decisions.

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