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Information alone is not enough. A professional mortgage broker has something far more valuable: years of experience and your needs in mind. They put the information in context, they anticipate the variables and find the best loan for you. This is the kind of help you don’t want to be without.

First Time Home Buyers

Your first home will likely be one of the single largest investments of your life. Fortunately, there are several government incentives that can help make this important milestone more affordable. A few major programs include:

  • Home Buyer’s Plan – this program makes it possible for you to withdraw money from your registered retirement savings plans (RRSP) to put towards the purchase of your home
  • Land Transfer Tax Refunds for First Time Home Buyers – a tax refund of up to $2,000
  • First Time Home Buyer Tax Credit – a $5,000 non-refundable tax credit designed to help buyers manage the closing costs of purchasing a new home

First Time Home Buyers

Home Buyer’s Plan (HBP)

This federal government program allows eligible first-time home buyers to withdraw up to $25,000 tax-free from their RRSPs to finance the purchasing or construction of a qualified home. This program is aimed at first-time home buyers, but you can also qualify if it has been at least 4 years since you last owned a home. To participate in this program, pick up “Form T1036” from your bank or income tax office, and submit it to the institution responsible for your RRSPs. You’ll need to repay about 1/15 of the withdrawal amount each year, and the first repayment will be due the second year after the withdrawal.

Land Transfer Tax Refunds for First Time Home Buyers

When you buy any kind of land in Ontario, you’re required to pay Ontario’s land transfer tax, which is based on the total amount paid to buy the land. The Ontario government offers first-time home buyers a refund on this land transfer tax, up to a maximum of $2000. To be eligible for the refund, you must be at least 18 years of age, and neither you nor your spouse can have previously owned a home anywhere in world. The refund can be claimed at the time of registration or claimed directly from the Ministry of Finance.

First Time Home Buyer Tax Credit (HBTC)

This tax credit is intended to support first-time buyers with the many additional costs associated with purchasing a home, including legal fees, HST on newly constructed homes, disbursements and land transfer taxes. The HBTC is a 15% credit on a maximum of $5,000 in home purchase costs, providing up to $750 in federal tax relief. When you purchase a new home, be sure to claim this credit on your income tax returns that year. You can contact and speak to one of our professionals who can help guide you through this exciting new venture. You can also visit to learn more about what the government can do to help you finance your first home.

"We highly recommend James Harrison from to help anyone find the best mortgage. He was professional, knowledgeable and very informative. He promptly responded to all calls and emails and readily answered all of our questions (and, as first time home buyers, there were many questions!). James ensured we got the best rate available on the market with ease. He clearly has a thorough understanding of, and enthusiasm for, the mortgage industry"

- T. MacDonald


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