07/09/2026
Buying your first home?
š”Many first-time buyers are surprised to learn there are programs designed to make homeownership more affordable in Ontario.
Here are a few worth knowing about:
ā¢ First Home Savings Account (FHSA) ā Contribute up to $8,000 annually, reduce your taxable income, and withdraw the funds tax-free when purchasing your first home.
ā¢ Home Buyers' Plan (HBP) ā Eligible buyers can withdraw up to $60,000 from their RRSP to put toward a home purchase.
ā¢ Ontario Land Transfer Tax Rebate ā First-time buyers may qualify for a rebate of up to $4,000 on Ontario land transfer tax.
ā¢ First-Time Home Buyers' Tax Credit ā A federal tax credit that can help offset some of the expenses associated with purchasing a home.These programs can significantly reduce the upfront cost of buying a home, but eligibility requirements vary.
If you're hoping to purchase your first home in the next year or two, it's never too early to start building a plan.
šļø Have questions about buying your first home?
š Letās connect and talk through your goals, budget, and options.
Kate Kidd
RealtorĀ®
Royal LePageĀ®
Frank Real Estate, Brokerage
705-761-4231
[email protected]
katekidd.ca
Not intended to solicit those already under contract.
