First Time Homebuyers
Your Real Estate Moment of Zen


Buying a home can be an incredibly stressful time and especially as a First Time Home Buyer since you have never done this before. Well I'm here to say don't stress too much as I have put together a video above and a list below to further help you navigate your way to a stress free home buying experience. Here are all the things that you can qualify for as a first time home buyer to help put some of your hard earned money back into your pocket


First-Time Homebuyer Incentives for 2023 


 Tax-Fee First Home Savings Account (FHSA) 

First-time home buyers can save up to $40,000 on a tax-free basis. You can contribute $8,000 annually to a maximum of $40,000 lifetime limit. Contributions are tax-deductible. You can use this program with the HBP and use $75,000 of registered savings to buy a home.


Home Buyers Plan RSP Withdrawal as Down Payment 

The Home Buyers Plan allows first-time homebuyers to withdraw up to $35,000 per buyer from an RRSP to purchase a home without paying tax on the withdrawal. The federal government recently increased the maximum amount to give additional access to registered retirement savings plans (RRSPs) for home purchases. In addition, the $35,000 per buyer does not HAVE to be used solely for a down payment – it can be used for closing costs, paying off some debt, moving expenses, furniture, etc.


First-Time Homebuyers’ Tax Credit - $1,500

The federal government has increased the First-Time Home Buyers’ Tax Credit (HBTC) in 2023. Previously it was only $750. Don’t forget when completing your taxes the year you purchased your first home to obtain this tax credit.


Ontario Land Transfer Tax - $4,000

Ontario’s Land Transfer Tax is a provincial tax payable by a property purchaser. You are responsible for paying Land Transfer Tax to the province when the transaction closes. First-time Homebuyers receive a reduction of up to $4,000 on the Ontario Land Transfer Tax. However, an additional Land Transfer Tax is added at closing if purchasing a property in Toronto or the surrounding areas. Also, each province has different Land Transfer Tax policies.

Energy Efficient Housing - Potential Rebates

This benefit isn’t exclusive to first-time buyers but I thought I would give it an honourable mention as you can certainly benefit from it! There are a variety of rebates you can receive by making sure your home is energy efficient. Energy audits are right around the corner so it’s for the best that you consider this an option for the future. This is just something that you'll have to keep checking into with the Government sites from time to time on what they may be offering.


How Do You Qualify?

* You have to be a Canadian Citizen or a permanent resident

* You have to be 18 years of age or older

* You have to live in the home within 9 months of purchasing it

* You must have nver owned a home before and your spouse must not have owned  

  a home in the time they have been your spouse



If you would like a complimentary PDF of this page please feel free to message me and I will send one off to you.


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