First Time Home Buyers


RRSP Withdrawal As Down Payment: $25,000

First time homebuyersThe Home Buyers Plan allows first-time home buyers to withdraw up to $25,000 PER BUYER, from an RRSP to purchase a home without having to pay tax on the withdrawal. The federal government recently increased the maximum amount to give additional access to their registered retirement savings plans (RRSP’s) for home purchases. The $25,000 per buyer does not HAVE to be used solely for down payment – it can be used for closing costs, paying off some debt, moving expenses, furniture, or even a vacation to celebrate!
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First Time Homebuyers’ Tax Credit: $750.00

Through Canada’s Economic Action Plan, the federal government has introduced a First Time Home Buyers Tax Credit (HBTC) to help with the purchase of a first home. This will assist first-time homebuyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes. The HBTC amount will apply to qualifying homes purchased after January 27, 2009, and will provide up to $750 in a Tax Credit.
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Ontario Land Transfer Tax: $2,000

Ontario’s Land Transfer Tax is a provincial tax payable by the purchaser of a property. Therefore, if you purchase a property or land you are responsible for paying Land Transfer Tax to the Province at the time the transaction closes. First Time Homebuyers receive a reduction of up to $2,000.00 on Ontario Land Transfer Tax. Please note that there is also Toronto Land Transfer Tax payable if purchasing in Toronto “proper” however First Time Homebuyers do not pay on the first $400,000 value.

EcoENERGY Retrofit Program: $5,000 Grant

Effective April 1, 2009, the ecoENERGY Retrofit Homes program has been expanded. Homeowners are encouraged to act now to take advantage of this special, limited-time offer. EcoENERGY Retrofit – Homes provides home and property owners with grants of up to $5,000 to offset the cost of making energy-efficiency improvements. The grants apply to a range of measures that reduce energy consumption and provide for a cleaner environment, from increasing insulation to upgrading a furnace. To be eligible, the homeowner must have an energy evaluation performed by a certified energy advisor before beginning the project, and a post-retrofit evaluation when the upgrades are completed.
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5 Simple steps for first time home buyers

How to improve your credit score

As you all probably know, Credit Score is very important nowadays. It helps us not only get mortgages, lines of credit, and other types of loans, but also makes us understand how to behave correctly in terms of your financial situation.

So, what is credit score?

Your credit score is a number that illustrates your financial health at a specific point in time. It is also an indicator of how consistently you pay off your bills and debts. Your credit score is one of the factors lenders consider when qualifying you for a mortgage. A good credit score, for example, can help improve your chances of being approved.

Where can I check my credit score?

There are two Canada’s credit-reporting agencies, where you can find out your credit score:
-Equifax Canada
-TransUnion Canada

These agencies can provide you with an online copy of your credit score as well as a credit report — a detailed summary of your credit history, employment history and personal financial information.

If you find any errors in your report, notify the credit-reporting agency and the organization responsible for the inaccuracy immediately.

My credit score is low. What should I do?

Here are some tips on how to improve your credit score:

  • always pay your bills in full and on time;
  • pay off your debts as quickly as possible;
  • never go over the limit on your credit cards;
  • try to reduce the number of credit card or loan applications you make.

Once your credit score has improved, work with your mortgage professional to obtain a mortgage that works for you.

More information

To find out more about credit scores and reports, visit the Financial Consumer Agency of Canada website:

There you may also download a free copy of the Understanding Your Credit Report and Credit Score guide. It provides with all the necessary information on how to obtain and understand your credit report and score, as well as how to build and maintain a good credit history.