Best Government Grants for Home Buyers
There are many different kinds of government programs and grants available to help you get the property of your dreams. Here are the most important ones to know about.
First-Time Home Buyer Incentive
The program offers 5% or 10% of the home’s purchase price to put toward a down payment in a shared-equity mortgage with the government, making home ownership more affordable by lowering monthly payments.
Only first-time home buyers are eligible (if you’ve never purchased a home before, have not occupied a home you own in the past four years, or recently experienced the breakdown of a marriage or common-law partnership).
Home Buyers' Amount
You can claim a $5,000 non-refundable tax credit if you purchased a qualifying house (which could be a single-family house, semi-detached house, townhouse, condo or duplex, among other options) and you are considered a first-time home buyer.
Home Buyers' Plan
This program allows you to withdraw up to $35,000 from your registered retirement savings (RRSPs) in order to buy or build a qualifying home. You have up to 15 years to pay it back.
GST/HST New Housing Rebate
If you purchased a new or renovated home as a primary residence, or renovated your home, you can recoup part of the tax you paid on the purchase price or build.
Canada Greener Homes Loan
You may be eligible for grants or interest-free loans (up to $40,000) to help make your home more energy efficient.