Betty  Yong

Betty Yong

Salesperson, REALTOR®

RE/MAX West Realty Inc. Brokerage *

905.773.8000 ext. 4283
Email Me

Grants, Loans, and Rebate Programs for First-Time Home Buyers in Ontario

Buying a home is not cheap, especially in a hot market such as Toronto. Luckily, there are various governmental grants, loans, and programs to help first-time home buyers. These include tax credits, incentives, the Home Buyers’ Plan, and GST/HST rebates. Without further ado, here are the programs that can help alleviate some of the financial hurdles faced by first-time home buyers:


Federal Grants, Loans, and Rebate Programs


First-Time Home Buyer’s Program (Tax Credit)

This federal program allows first-time home buyers to claim up to $5,000 on the purchase of their home on their personal tax year, in the year of purchase. This translates to approximately $750 saving on taxes for that year.


RRSP First-Time Home Buyer’s Plan

This program allows Canadians to withdraw up to $35,000 from their RRSP for the down payment of a new home. Couples can combine their amounts together for up to $70,000, if they are purchasing a home together. The amount can be withdrawn tax-free, but need to be repaid within 15 years.


GST/HST New Housing Rebate

Eligible home owners can get a rebate of up to $1,500 in GST or HST.


CMHC Green Home

The Canadian Mortgage Housing Corporation (CMHC) is a Canadian crown corporation that issues mortgage default insurance. CMHC offers up to 25% rebate on their insurance premium for Canadians who build or renovate their homes with energy efficiency in mind (such as installing solar panels).


Genworth Canada’s Energy-Efficient Housing Program

Similar to CMHC, Genworth offers mortgage default insurance. Canadians can get up to 25% rebate on their mortgage default insurance if they build a home through one of Genworth’s energy-efficient building programs. Not only will this provide cost savings upfront, it may also save you a lot of money in energy costs over the long term.



Provincial Grants, Loans, and Rebate Programs


Ontario Land Transfer Rebate for First-Time Home Buyers

First-time home buyers could qualify for a rebate on the first $368,000 of their home purchase, for a maximum of $4,000. Note that if you’re purchasing a home as a couple, and one of the partners has previously owned a home before, the rebate amount will be reduced.


Ontario Energy and Property Tax Credit

This tax credit is part of the Ontario Trillium benefit. It offers a rebate of up to $1,187 to cover energy costs. Seniors are eligible for the maximum rebate amount, while non-seniors are eligible for up to $1,043.


Municipal Rebate Programs


Toronto Land Transfer Rebate

Canadian citizens and permanent residents residing in Toronto can get a rebate of up to $4,475, but it has to be used in conjunction with the provincial tax credit.

Have Questions?

By submitting this form, you are providing express consent to receive commercial electronic messages from You may unsubscribe at any time.