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Home Buyer Grants

September 13, 2012 - Updated: September 13, 2012

 

1. HOME BUYERS' PLAN

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. For more information: www.cra.gc.ca. Enter 'Home Buyers' Plan' in the search box.

 

2. HST REBATE ON NEW HOMES

New home buyers can apply for a rebate of the federal portion of the HST if the purchase price is less than $350,000. The rebate is up to 36% of the HST to a maximum rebate of $6,300. There is a proportional HST rebate for new homes costing between $350,000 and $450,000. For more information: Canada Revenue Agency www.cra-arc.gc.ca.  Enter 'RC4028' in the search box.

 

3. FIRST-TIME HOME BUYERS' TAX CREDIT (HBTC)

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2010) x $5,000. For the 2010 tax year, the maximum credit is $750. For more information: www.cra.gc.ca/hbtc

 

4. CANADA MORTGAGE AND HOUSING (CMHC) RESIDENTIAL REHABILITATION ASSISTANCE PROGRAM (RRAP) GRANTS.

This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites. For more information: www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm

 

5. CMHC MORTGAGE LOAN INSURANCE PREMIUM REFUND

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations.


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