This is the first in a 4 part series to be posted over the next 4 Fridays regarding Rebates and Credits that are available to First Timer Home Buyers.
HOME BUYERS PLAN
One of the most well known and utilized programs is the Home Buyer's Plan. This plan allows eligible people to withdraw up to $25,000 tax free from their Registered Retirement Saving Plan (RRSP) to purchase or build a qualifying home.
To qualify as a first time home buyer you can not have owned a home as a principle residence for four years before the date of the withdrawal of funds.
People using this plan have to start repaying the amount two years after withdrawing the funds and the quantity must be entirely repaid within 15 yrs.