First-time home buyers may be eligible for the government's Home Buyers' Plan (HBP)Opens a popup.. You and your spouse or partner may withdraw up to $25,000 each from your Registered Retirement Savings Plan (RRSP), which could help with your home purchase costs.
You won’t pay any tax on the amounts you withdraw if you repay the total amount to your RRSP as required within the next 15 years. The repayment period starts the second year after you make your withdrawals. If you withdraw the full $25,000 and make equal payments over 15 years, the annual repayment is $1,666.
You can also research various provincial and municipal grants. They could help cover land transfer taxes for first-time home buyers.
For more information on the federal Home Buyers' Plan, go to Canada Revenue AgencyOpens a new window in your browser..
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