Home Buyers' Plan
Buying a home can be an expensive proposition, especially when it’s your first one. Using the Government of Canada’s Home Buyers’ Plan may help you come up with the extra funds that could make the difference in your purchase. If you’re a first-time homebuyer, or building a home for a related person with a disability, you can withdraw up to $35,000 from your registered retirement savings plans (RRSPs) to use as a down payment for your home. You have up to 15 years to pay back the funds to your RRSP(s). Visit the Government of Canada’s website for more information.
GST New Housing Rebate
If your new home is priced under $350,000, you may be eligible to recover some of the goods and services tax (GST). A 36% GST rebate of up to $6,300 is available for homes priced under $350,000. There is a partial rebate for homes priced between $350,000 and $450,000. Visit the Government of Canada’s website for more information.
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