Sold by Karan

HomeLife Silvercity Realty Inc.

201-11775 Bramalea Rd, Brampton, L6R 3Z4

Karan Sokhey

Sales Representative
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First-Time Home Buyer Benefits

Essential programs to help you break into the Ontario real estate market.

First-Time Home Buyers’ Tax Credit (HBTC)

The HBTC is a federal government program designed to reduce your closing costs. As a first-time buyer, you can claim a $10,000 non-refundable tax credit, providing up to $1,500 in direct tax relief.

Are you eligible? You qualify if you (or your spouse) have not owned a home in the current year or any of the four previous years.

RRSP Home Buyer’s Plan (HBP)

The HBP allows you to withdraw funds from your RRSP tax-free to use toward your down payment.

$60,000Individual Limit
$120,000Couple Limit
15 YearsRepayment Period

Note: You must occupy the home as your principal residence within one year of buying/building.