Government Programs
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Government programs

The Home Buyers’ Plan from the Government of Canada allows you to withdraw up to $25,000 from your RRSP’s. Upon qualifying, you are eligible to either build or purchase a home for you or for a disabled family member. If the home is purchased for someone with a disability, it must prove to be better suited and more accessible that their current home.
You can withdraw either a single amount or a series of withdrawals without penalty within the calendar year and you do not have to include this as taxable income. Contributions must have remained for 90 days before you can withdraw them under the Home Buyer’s Plan. You have 15 years to repay your RRSP before it will be included as your taxable income.
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First Time Home Buyer’s Tax Credit from the Government of Ontario is a non refundable tax credit. It is calculated by multiplying the lowest personal income tax rate for the year by $5000. (2009: $750).
If you have never purchased a home before or are a person with a disability (or purchasing for a person with a disability), you may be eligible. Property must qualify and must be of principal residency. Multi-residential properties will be considered.
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Affordable Housing Homeownership Program from the Government of Ontario assists families with a no interest loan for up to 20 years to help with a down payment for a home. The home must be your own personal resident and you must qualify.
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Homeowner Residential Rehabilitation Assistant Program- RRAP from Canada Mortgage Housing Corporation is a program to help low income homeowners do necessary repairs for public safety. On a loan basis, you may be able to get up to $24,000 for repairs to your heating, structural, electrical plumbing or for fire safety.
Eligible properties must be at least five years old and valued accordingly.
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GST Rebate Program for New Housing from the Canada Revenue Agency.
You may be eligible if you are building a home or contracting someone to do it for you. Part of the GST or HST will be refunded to you.
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Receive 10% refund off your CMHC Mortgage Loan For Energy-Efficiency
If you buy an energy-efficient home, purchase or renovate, you may be able to receive a 10% refund off your mortgage loan insurance premium.
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5% Down Payment Program
Purchase a property with only 5% down (10% for self employed buyers or those with bad credit). This is an insurance program from Canada Mortgage Housing Corporation that protects lenders in case you are unable to meet your payments.
To qualify, your total monthly housing costs cannot exceed 32% of your gross income and your total debt should not exceed 40% of your gross income.
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