Tag · Canada

first-time buyer

3 Loopholes 🇨🇦 Canada

Loopholes Tagged "first-time buyer"

Plain-English guides to Canadian legal rights and workarounds related to first-time buyer.

RRSP Home Buyers' Plan — Borrow $35,000 Tax-Free from Your Own Retirement Savings

First-time homebuyers can withdraw up to $35,000 from their RRSP tax-free to buy or build a qualifying home — and repay it over 15 years with no interest charged by CRA.

Provincial Land Transfer Tax Rebate for First-Time Homebuyers

First-time homebuyers in Ontario, BC, and PEI can claim rebates worth up to $8,475 on land transfer taxes — but the rebate must be applied at closing, not afterward.

GST/HST New Housing Rebate — For New Builds, Substantial Renovations, and First-Time Buyers

First-time buyers of new homes, and homeowners who substantially renovate a property, can claim a GST/HST rebate from the federal government — and first-time buyers of homes up to $1 million are now eligible for rebates of up to $50,000 under rules that took effect December 2024.