None of these programs is large on its own. Together they can change how much cash you need on closing day and how quickly you get to a down payment.
The programs to check
- The First Home Savings Account (FHSA) grows your down payment with tax benefits.
- The Home Buyers' Plan lets you draw funds from your RRSP so you can put more toward your first place.
- A shared-equity incentive program can help with an insured mortgage and ease the monthly payment early on.
- The GST/HST rebate on new builds lightens the upfront closing costs when you buy a newly built home.
- Ontario's land transfer tax refund for first-time buyers takes a significant chunk off your closing-day expenses.
- You must move into the home as your principal residence soon after buying to qualify for these Ontario and federal incentives.
- The first-time home buyers' tax credit offsets some of your legal or closing fees when you file your next return.
Where to go from here
Eligibility rules differ program by program, and residency and previous ownership both matter. The first-time buyers page goes through each one, the land transfer tax calculator shows the refund on the price you have in mind, and the closing costs calculator adds up what is left to pay after the rebates.
This article is general information, not financial advice, and quotes no rates. Your situation may differ; speak with a licensed mortgage professional.