As of September 2023, Ontario had several programs available for first time home buyer incentives to assist with the purchase of your first home. However, it’s important to note that government programs and incentives. As of current, here are the top programs for first time home buyer incentives in Ontario:
- First time Home Buyer’s Tax Credit (FTHBTC): This federal tax credit allows first time homebuyers to claim a non-refundable tax credit of up to $10,000 on their income tax return.
- Land Transfer Tax Refund: In Ontario, there is a Land Transfer Tax (LTT) that must be paid when purchasing a home. A First time home buyer in Ontario may be eligible for a full or partial refund of this tax. As of this post, the maximum refund available is $4,000. The refund is typically applied at the time of closing.
- Home Buyers’ Plan (HBP): For first time homebuyers in Ontario, the Home Buyers’ Plan is a federal program that allows eligible individuals to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP).
Please keep in mind that the availability and terms of these incentives may have changed since this post was added. It’s essential to consult with your accountant and lawyer or contact the Ontario government for the most current information and eligibility requirements related to first time homebuyer incentives in Ontario.