RESEARCH GOVERNMENT PROGRAMS

The federal government has assistance programs to help homebuyers. Research government program requirements to see if you are eligible.

Research Government Programs

First-Time Home Buyers' Tax Credit - a $5,000 non-refundable income tax credit on a qualifying home. The credit provides up to $750 in tax relief to assist first-time buyers with purchase costs. For more information, check the Canada Revenue Agency's (CRA):
www.cra-arc.gc.ca

Home Buyers' Plan - a one-time withdrawal up to $25,000 from a Registered Retirement Savings Plan (RRSP) by the first time home buyers to help purchase or build a home. Generally, you have to repay all withdrawals from your RRSP within 15 years. For more details, visit CRA's website at:
www.cra-arc.gc.ca

CMHC Green Home program - when you use CMHC - insured financing to buy or build an energy-saving renovations, you may qualify for a premium refund of 10% on your mortgage default insurance and a premium refund for a longer amortization period (if applicable). Check out CMHC's website for more information:
www.cmhc.ca

Government programs can change over time For the most up-to-date information, refer to Service Canada's website:
www.servicecanada.gc.ca

Katia Melnikova

(Source: Homebuyers' Road Map)