FIRST TIME BUYER INCENTIVES

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• A tax-advantaged savings account specifically for first-time home buyers.
• Contributions are tax-deductible, and withdrawals used toward a qualifying first home are tax-free.
• You can contribute up to $8,000 per year, up to a lifetime limit of $40,000.
   

• Lets you withdraw up to $60,000 tax-free from your RRSP to use toward a down payment (up to $120,000 for couples buying together).
• Withdrawn funds must be repaid back into your RRSP over time (generally up to 15 years).
   

First-Time Home Buyers’ Tax Credit (HBTC)

• A non-refundable federal tax credit that can help offset closing costs like legal or inspection fees.
• You can claim up to $10,000 on your tax return, potentially reducing your tax owing by up to $1,500.
   

• A rebate on the GST/HST for eligible buyers buying a new or substantially renovated home.
• Recent federal proposals could expand this rebate for first-time buyers on homes up to $1 M (phase-out up to $1.5 M).
   

 Ontario Land Transfer Tax (LTT) Rebate

• The province of Ontario offers a rebate on the provincial Land Transfer Tax for eligible first-time buyers.
• You can receive up to $4,000 off your provincial land transfer tax at closing.
   

• If you’re buying in the City of Toronto, there is an additional municipal rebate of up to $4,475.
• Combined with the Ontario provincial rebate, Toronto buyers could save up to about $8,475 on transfer taxes.
   

• You haven’t owned a home anywhere in the world before, and
• You haven’t owned a property you lived in as a principal residence in the past four years.
  (Some exceptions apply, such as after a relationship breakdown.)
   

• These incentives can often be combined — e.g., FHSA + HBP + tax credits + LTT rebates — to maximize savings when buying your first home. 
• Buying decisions should still factor in overall affordability, including mortgage costs, property taxes, and ongoing homeownership expenses.