Help buying your first home

There's more help out there than most people know. Here's how the main programs work.

RRSP Home Buyers' Plan

First-time buyers can take up to $60,000 each out of their RRSP, tax-free, to buy a home. You pay it back into your RRSP over 15 years, starting a few years after you buy.

First Home Savings Account (FHSA)

Put in up to $8,000 a year, to a lifetime total of $40,000 each. What you put in is tax-deductible like an RRSP, and what you take out to buy a home is tax-free and never paid back.

Using both together

You can use the FHSA and the Home Buyers' Plan for the same home. Buying with a partner? You can each use both, which adds up to as much as $200,000 toward your home.

Other help for first-time buyers

Ontario refunds up to $4,000 of land transfer tax for first-time buyers. If you buy a newly built home, you may also qualify for a GST/HST rebate.

General information only, not tax advice. Rules and limits can change; check with your bank or accountant.

Questions? Ask Carmen

Not sure what you qualify for or how much you could put down? Send a quick note.