Were you aware of these incentives?

1.  The HBP program is a program for first time buyers AND those with a disability. The program allows them to withdraw RRSP money tax free up to $25,000 to buy or build a home. They are required to repay the amount withdrawn over 15 years making 1/15th payments each year.   If they are unable to make a payment any given year, they are taxed on that portion only.  

2. Land Transfer Tax Refund for First-Time Home Buyers

First-time homebuyers may be eligible for a refund of all or part of the tax.

For agreements of purchase and sale entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale.

How much is the Refund?

The maximum amount of the refund is $2,000. If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable. If not claimed at registration, the refund may be claimed directly from the Ministry of Revenue. No interest is paid on this refund.

Who Qualifies?

To claim a refund, you:

·  must be at least 18 years of age;
·  must occupy the home as your principal residence within 9 months of after the date of transfer; and
·  cannot have owned a home, or an interest in a home, anywhere in the world.

3. Toronto Municipal Tax rebate as follows:

First-Time Purchaser
If you are a first-time purchaser of a newly constructed or re-sale residential property. The rebate for first-time home purchasers is up to a maximum of $3,725.00. If you are eligible for a rebate it can be claimed by your lawyer.

4. Home Buyer Tax credit. HBTC will assist with closing cost for first-time home buyers. This provides up to $750 in tax relief on the purchase of a first home. The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009 the credit will be $750.

5. Eco-Friendly Upgrades. The ecoENERGY Retrofit program provides home and property owners with grants of up to $5,000 to offset the cost of making energy efficient improvements. Anything from increasing insulation to upgrading a furnace.

6. Home Renovation Tax Credit.  HRTC will provide a temporary 15% income tax credit on eligible home renovation for work performed, or good acquired after January 27, 2009 and before February 1, 2010.

For more information on home ownership and housing related stimulus go to: