Real Estate A-Z
First-Time Home Buyers’ Tax Credit (HBTC)
http://www.cra-arc.gc.ca/hbtc/ (For HOME BUYERS)
The First-Time Home Buyers’ Tax Credit (HBTC) is a non-refundable tax credit intended to help first time buyers cover costs associated with purchasing a home, and must be claimed in the year the property was purchased. You can claim an amount of $5,000 for the purchase of a qualifying home, if both of the following apply: 1) you or your spouse or common-law partner acquired a qualifying home; and 2) you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.
Tax Free Savings Account (TFSA)
http://www.cra-arc.gc.ca/tx/rgstrd/tfsa-celi/menu-eng.html
The TFSA allows Canadian residents who are 18 years of age or older with a valid Canadian social insurance number to set money aside tax-free during their lifetime.
Contributions to a TFSA are not deductible for income tax purposes. However, any amount contributed as well as any income generated in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.
An individual can only contribute up to their TFSA contribution room. Unused TFSA contribution room can be carried forward to later years. The total amount of TFSA withdrawals in a calendar year is added to the TFSA contribution room for the next calendar year.
Home Buyer’s Plan (HBP)
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html
The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.
Generally, you have up to 15 years to repay to your RRSP(s), PRPP or SPP the amounts you withdrew from your RRSP(s) under the HBP. However, you can repay the full amount into your RRSP(s), PRPP or SPP at any time.
Land Transfer Tax Refund for First-Time Homebuyers
http://www.fin.gov.on.ca/en/refund/newhome/index.html
CMHC Green Home Program
https://www.cmhc-schl.gc.ca/en/co/moloin/moloin_008.cfm
First-Time Home Buyers’ Tax Credit (HBTC)
http://www.cra-arc.gc.ca/hbtc/
The Government also offers programs, grants and incentives to help with the renovation of your home:
Federal:
- GST/HST New Housing Rebate http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/hsng/rbts/nwhsng/menu-eng.html
- Enbridge Gas Residential Rebates and Incentive Programs https://www.enbridgegas.com/homes/manage-energy/rebates-incentive-programs/
- Smart Thermostats Program http://knowyourenergyscore.ca/smart-thermostats/
- Home Energy Conservation (HEC) Program http://knowyourenergyscore.ca/home-energy-conservation/
- Home Winterproofing Program https://www.enbridgegas.com/homes/manage-energy/rebates-incentive-programs/winterproofing/index.aspx
Provincial/Municipal:
- Ontario energy and property tax credit http://www.fin.gov.on.ca/en/credit/oeptc/
- Ontario healthy homes renovation tax credit https://www.ontario.ca/page/healthy-homes-renovation-tax-credit
- Ontario senior homeowner’s property tax grant http://www.fin.gov.on.ca/en/credit/shptg/
For the most up to date information, please contact your mortgage professional or refer to the Service Canada’s website: http://www.servicecanada.gc.ca/eng/lifeevents/buying_a_home.shtml