First Time Home Buyer?

Here is a list of all of the incentives that could be available to you.

Home Buyers’ Plan (HBP)

RRSP Withdrawal: You can withdraw up to $60,000 from your Registered Retirement Savings Plan (RRSP) to buy your first home, without paying taxes on the withdrawal. Couples can withdraw up to $120,000 combined.
Repayment: You must start repaying the amount into your RRSP after two years and complete the repayment within 15 years.

First Home Savings Account (FHSA)

First Home Savings Account (FHSA) is a new tool that allows first-time homebuyers in Canada to save up to $40,000 tax-free for their home purchase.
You can contribute up to $8,000 annually, and both the contributions and withdrawals for your first home are tax-free, making it a powerful savings vehicle.
This program is intended to replace less popular initiatives like the FTHBI and provides a more flexible way to help first-time buyers build a down payment.

Land Transfer Tax (LTT) Refund for First-Time Homebuyers

Ontario Refund: First-time homebuyers can get a refund of up to $4,000 on the Ontario portion of the Land Transfer Tax.
Toronto Refund: If buying within the City of Toronto, you could also get a rebate on the Toronto Land Transfer Tax, with a maximum refund of $4,475.
Eligibility: You must be a first-time homebuyer, and neither you nor your spouse can have owned a home anywhere in the world.

First-Time Home Buyers' Tax Credit (HBTC)

Federal Program: This non-refundable tax credit allows first-time homebuyers to claim $10,000 on their income tax, resulting in a tax rebate of up to $1,500.
Eligibility: You or your spouse/common-law partner must not have owned a home in the past four years.

CMHC Eco Plus

For Energy-Efficient Homes: If you are buying or building an energy-efficient home, you could get a refund of up to 25% of the CMHC mortgage insurance premium.

GST/HST New Housing Rebate

For New Homes: If you are buying a newly constructed home or substantially renovating an existing one, you may be eligible for a rebate on part of the federal Goods and Services Tax (GST) or the Harmonized Sales Tax (HST).
Eligibility: Applies if the home will be your primary place of residence, with rebates on homes priced up to $450,000.

Other Buying Resources

The Canadian Mortgage and Housing Corporation (CMHC), Genworth, and Canada Guaranty offer mortgage insurance. This insurance allows buyers to put as little as 5% down on a house. The mortgage insurance allows banks to be protected against this highly leveraged position. Banks often offer lower rates to fully insured mortgages due to this protection.

CMHC Mortgage Insurance

New Announcement on Mortgage Insurance (increases top home price to $1,500,000)

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Sutton Group Associates Inc Brokerage

Direct: 416-997-4285

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Office Address:

358 Davenport Rd

Toronto, ON, M5R 1K6