Assistance Programs for Home Buyers

Posted on January 14, 2019

The Canadian government has some programs that can help assist home buyers. Here are a couple assistance programs that can help you as a home owner!

First-Time Home Buyers Tax Credit-

This is a $5000 non-refundable income tax credit that can be applied to a qualifying home. This credit can provide up to $750 in tax relief to assist First Time Buyers.

Home Buyers Plan-

You can withdraw up to $25,000 from a RRSP (Registered Retirement Savings Plan) one time to help with the purchase of or building a home. Generally, the amount you withdraw from your RRSP must be repaid within 15 years.

CMHC Green Home Program-

If you use CMHC-insured financing to buy or build an energy efficient home, or make energy efficient renovations you may qualify for a refund. This refund can be 10% of your mortgage default insurance and a longer amortization period.

Government programs change over time, make sure you stay up to date on these programs to see what programs you can qualify for!

Have any questions? Contact us!

Shilo Storey with RE/MAX First

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We are always here to help and to educate you on exactly where the market is and how you can fit into it!

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