The federal government has assistance programs to help homebuyers. Research government program requirements to see if you are eligible.
First Time Homebuyers' 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.
Home Buyers' Plan: A one time withdrawal up to $25,000 from a Registered Retirement Savings Plan (RRSP) by the 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.
CMHC Green Home Program: When you use CMHC-insured financing to buy or build an energy-efficient home or make energy-efficient 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.
"Government programs can change over time. For the most up to date information, refer to Service Canada's Website.
(Sourced from CREA)
Century 21 Colonial Realty Inc.