Incentives for First Time Home Buyers
As a first time buyer you are only required to put 5% as a down payment towards the purchase price of a home. You may also qualify to use up to $25,000 of your RRSP’s tax free.
The Government of Canada also introduced the First Time Home Buyers (FTHB) Tax Credit in 2009, a non-refundable income tax credit on a qualifying home. For eligible individuals, this credit can also provide up to $750 in federal tax relief.