FIRST-TIME BUYERS

Are you considering your first home purchase? We're equipped to assist with a minimum down payment requirement of 5%, which can be sourced from savings, borrowed funds, a family gift, or RRSPs. Our team is dedicated to addressing all your inquiries and providing comprehensive information on the various intricacies and options associated with mortgages.

 

Remember, it's not solely about the rate; it's also about the flexibility each mortgage can offer.

​

Interested in learning more about qualifying for your first home purchase? Click here for further details!

​

First-Time Home Buyers Incentive Program

The Government's Incentive Program, launched in Fall 2019, caters to first-time homebuyers. To aid in your research, we've included some useful links and calculators below:

• An Eligibility Calculator to explore different financial scenarios and assess their impact on mortgage payments.

• A Product Highlight Sheet offering a concise summary of key program details, downloadable and shareable.

• A Journey Map breaking down the application process step by step.

• An Application Process diagram illustrating interactions between all involved parties (desktop only).

 

Home Buyers' Plan (HBP)

The Home Buyers' Plan (HBP) allows you to withdraw up to $35,000 tax-free from your RRSP to purchase or build a qualifying home for yourself or a related person with a disability. It's not limited to first-time home purchases; it can also be utilized in cases of marital breakdowns when acquiring a new home for yourself.

Remember:

• You have up to 15 years to repay the withdrawn amounts.

• Failure to make repayments could result in substantial income tax expenses.

• Funds must remain in your RRSP account for at least 90 days before withdrawal.

 

Explore your eligibility on the Government of Canada website.

 

First Home Savings Account (FHSA)

Commencing April 1, 2023, prospective first-time homebuyers will have access to the First Home Savings Account (FHSA), enabling tax-free savings of up to $40,000.

Criteria:

• First-time homebuyer status.

• Minimum age of 18.

• Canadian residency.

• Neither you nor your spouse must have owned a primary residence within the past four years.

• Occupancy of the home for at least one year following purchase and withdrawal.

Contribution details:

• Lifetime maximum deposit of $40,000.

• Annual maximum of $8,000.

• Option to contribute and defer deduction until the subsequent year.

• Carry-forward capability for future tax years.

• Unused funds after withdrawal transfer into an RRSP.

Withdrawal specifics:

• Non-taxable.

• Requires an offer to purchase a qualifying home by October 1 of the following year.

• Can be executed within 30 days of a qualifying home purchase.

• Transferable from an RRSP to the FHSA.

• No mandatory repayment within 15 years, unlike the Home Buyers' Plan (RRSP Withdrawal).

The FHSA can be utilized alongside the Home Buyers' Plan (HBP) for a combined maximum housing contribution of $75,000.

 

The Home Buyers' Tax Credit

You can claim $10,000 for the purchase of a qualifying home in the year if you meet the following criteria:

• You or your spouse/common-law partner acquired a qualifying home.

• You did not reside in another home owned by you or your spouse/common-law partner during the acquisition year or the previous four years.

Verify your home's eligibility on the Government of Canada website.

​

Energy Efficient Rebate

Mortgage insurers offer a premium refund of up to 25% when purchasing or building an energy-efficient home or making energy-saving renovations to an existing one.

​

Check out the respective websites for more information:

• CMHC Energy-efficient Housing Made More Affordable with Mortgage Loan Insurance

• Canada Guaranty Energy-Efficient Advantage

• Sagen Energy Efficient Housing Program

 

GST/HST New Housing Rebate

Individuals can recover a portion of the GST or the federal portion of the HST paid for a new or substantially renovated house intended for use as their primary place of residence, provided all other conditions are met.

For eligibility and further details, visit the Government of Canada website.