For Everyone:

  • ZERO PTT for Canadians & Landed Immigrants

    Property Transfer Tax (PTT). This tax is a provincial sales tax on real estate and is zero for Canadian citizens or permanent residents who will be using their purchase as their primary residence. The price limit is $750,000 before GST for a 100% exemption on new homes. Between $750,000 and $800,000 a partial exemption is available on new homes. Over $800,000 the full PTT applies. This program is only available for NEW residences, all used residences must pay the PTT. This program is for all buyers, first time or not.
    Warning: Foreign Buyers must pay PTT and a 20% additional PTT.

For First Time Buyers (or People who haven’t owned property in the past 4 years):

  • USING RRSPs

    Any first time buyer or people who haven’t owned property in the past 4 years can borrow up to $25,000 tax free from their RRSP. If two people are buying and one has owned in the past 4 years and the other hasn’t, then the one that hasn’t owned can still use their RRSP funds to buy. These funds must be repaid to your RRSP within 15 years. See your lender for details.

First Time Buyers (or People who haven’t owned property in the last 4 years):

  • $750 TAX CREDIT

    First Time Home Buyers Tax Credit (HBTC). This is a tax credit (cash!) of $750 for both first time buyers and buyers who have not owned in the past 4 years. With HBTC if two people are buying, neither may have owned in the past 4 years. To get this tax credit you must be earning enough income to be paying federal income tax.
    (To get this $750 credit, at tax time enter $5,000 on line 369 of Schedule 1 of your personal tax return. The claim can be split between you and your spouse or common-law partner.)