Here’s a list of first-time buyer benefits available to local buyers. Keep in mind that these programs do change from time-to-time, and we do our best to stay current.

Always best to speak to your lawyer and accountant – if you don’t know anybody in these areas of expertise, we’re glad to recommend somebody we trust.


This program allows you to withdraw up to $25,000 per person from your RRSP to buy your first home. It’s the only time in your life when you can take money out of your RRSP without a tax penalty. You will either pay it back in 15 years (1/15th per year), or the 1/15th amounts are added to your yearly taxable income.

We’ve identified three different ways to use this program to help first-time buyers… even if they don’t have savings or money already in their RRSP’s. If you want more information, let us know and we can coach you through how to do it.

2. LAND TRANSFER TAX REBATE (Provincial and Municipal)

First-time buyers are eligible to receive up to $4,000 off their land transfer tax when buying in Ontario. If you buy for $398,333 or less, your land transfer tax will be zero.

The City of Toronto also has a second municipal land transfer tax, and they offer an additional rebate, similar to the Ontario rebate. So far, Toronto is the only city that charges this additional tax.


This was introduced in “Canada’s Economic Action Plan” to assist first-time buyers. You can claim up to $5,000 on your tax return from your extra buying costs like legal expenses, inspections and land transfer tax. The credit must be claimed within a year of purchase, and it’s intended for owner-occupied homes.


#1 and #3 may also be applicable for somebody who has previously owned a home, but not within the last 4-5 years… in other words, a buyer who has been on the sidelines for a while may be considered a “first-time buyer” all over again.

Buying a home can be confusing, especially if it’s your first time, but we have a lot of information to help make it easy. Have a look at some of the links below to see some other ways we can help you – classes, guides and tours are all available.

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