Home Buyer Incentives

First Time Home Buyers RRSP Plan - HBP

The HBP program allows buyers to withdraw funds from their registered retirement savings plan (RRSPs) to buy or build a qualifying home. Up to $35,000 can be withdrawn in a calendar year and the home can be for the buyer or for a related person with a disability.  The RRSP contributions must remain in the RRSP for at least 90 days before they can be withdrawn under the HBP, or they may not be deductible for any year.

Generally, repayment of all RRSP withdrawals need to be made within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income for that year. Please consult your financial advisor for more information.

First Time Home Buyers Ontario Land Transfer Tax Credit

The Land Transfer Tax Credit is a refund of the cost of the Ontario Land Transfer Tax up to a maximum of $2,000.  To qualify the property must be owner occupied and the credit depends on the value of the home purchased. The refund is reduced when one of more of the transferees are not first time home-buyers. Once again, you are advised to contact your financial advisor and/or lawyer for all details.

Use the Land Transfer Tax Calculator to estimate the LTT on the purchase of your Residential property.

Testimonials

  On behalf of Jennifer and I, we would like to thank you for all of the hard work you put into finding us our first home together. It is very reassuring to find someone who really takes the time to make sure that every little thing is done right. Jennifer and I spent months looking for a place to live. We both had very specific requests which didn't always make it easy for you.

By taking the time to ask us the right questions you were able to find our dream house. I must say that you went above and beyond taking a large amount of your time showing us different properties. As I'm sure that you would agree, I am very particular and I like to see every house that is out there before I make a decision. I have worked with REALTORS in the past that were only concerned about "closing the deal" and earning their commission. I never got that feeling from you. I always believed that you had our best interests at heart. I would not hesitate to call you in the future if we are looking for a larger property or investment property. Your knowledge of the Hamilton-Burlington market is quite extensive.

Jen and I are extremely happy and would recommend your services to anyone interested in purchasing a home or investment property.

Adam Berti, Hamilton, ON

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