First-time buyer programs: frequently asked questions

For the FHSA, the RRSP Home Buyers' Plan and the federal home buyers' tax credit, you may qualify if you haven't lived in a home you (or your spouse) owned during the four-year look-back period. For Ontario's land transfer tax refund, you must never have owned a home anywhere in the world.

Many are per person. Each eligible partner can open an FHSA and use the Home Buyers' Plan. The home buyers' tax credit can be split, up to $10,000 combined. The land transfer tax refund is based on the qualifying buyers' ownership shares.

$8,000 a year, up to $40,000 over your lifetime. You can carry forward up to $8,000 of unused room to the next year, but room only begins to accumulate once you open an account.

You can transfer the money to your RRSP or RRIF tax-free without using RRSP contribution room, or withdraw it as taxable income. The account has a maximum life of 15 years or until the end of the year you turn 71.

Yes. Both can be used toward the same qualifying home purchase.

Up to $60,000 per person, for withdrawals made after April 16, 2024. It must be repaid to your RRSP over 15 years.

RRSP contributions must stay in the plan for at least 90 days before you withdraw them under the Home Buyers' Plan, or they may not be tax-deductible.

Up to $4,000, which covers the full tax on homes up to about $368,000. Your lawyer usually claims it when registering your purchase.

No. Only Toronto has a municipal land transfer tax in Ontario. London buyers pay only the provincial tax.

A $10,000 non-refundable federal credit, worth up to $1,500, claimed on your tax return for the year you buy.

The City runs a Homeownership Down Payment Assistance Program for eligible moderate-income renters, offering a 5% interest-free loan (up to $25,000) that's forgiven after 20 years. Intakes are limited and funding is first-come, first-served, so check the City's website for current status and limits.

5% on the first $500,000, and 10% on the portion between $500,000 and $1.5 million. Homes of $1.5 million or more require 20%.

Yes. Lenders generally accept gifts from immediate family with a signed gift letter confirming the money doesn't need to be repaid, plus proof the funds are in your account before closing.

Since December 15, 2024, first-time buyers (and buyers of newly built homes) can get insured mortgages with up to 30-year amortizations. Monthly payments are lower, but total interest is higher.

Yes. First-time buyers of new homes may qualify for the federal first-time buyers' GST rebate, and Ontario has its own new housing rebate. Our sister site New Build London explains the details.