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Online Reports

Quick Tip Sheet on Government Programs for First Time Home Buyers - Check Mark the Report You Wish and complete the form.

First Time Buyer Closing Cost Tax Credit
First Time Buyers could receive up to $750.00 tax credit towards their closing costs.
Land Transfer Tax Rebate Info
Guidelines on the Land Transfer Tax Rebate Program. Up to $2,000 rebate for Ontario LTT and $3,725 for Toronto. ($227,500 & $400,000 Purchase Price)
The RRSP Home Buyer's Plan
$25,000 Can be Withdrawn Tax Free Per Person - repay over 15 years. Must not be a homeowner for at least 5 years or more to qualify.
5% Down Program - Not Everyone Qualifies Anymore!
Know the rules - Its a Privilege to be able to buy with 5% Down - Must be Owner Occupied or You Need 20% Down.
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More About RRSP's

For First Time Buyers ... To Buy or Not to Buy An RRSP to help with your down payment.

Saving for a Down Payment is difficult for most First Time Buyers - and as a realtor its our job to help find all the government programs available to squeeze every dollar we can for our clients.

One way to increase a downpayment is to put RRSP's to work.  By taking available cash and purchasing an RRSP the Government will provide a sizable tax credit on a buyers next tax return.   But remember timing is everything!     When purchasing an RRSP in September through to February, you don't have to wait long for your TAX CREDIT -- when you file in March or April the credit comes fairly quickly.   However if you miss the February deadline - the buyer will have to wait until the next fiscal tax year to receive the credit on his next return.

Taking an RRSP loan out is also a good way to help build a downpayment.   

Here are some helpful calculators to analyse a buyers options:

Basic Calculator to figure out how much rrsp rebate you will most likely get - see what tax credit to expect on a $10,000 RRSP:

Royal Bank RRSP Loan Calculator - Rate to Borrow estimated at 4.75% (as of Oct 2012)
Loan calculator - what monthly payment suits you best - keep in mind you will receive a big tax credit that can be put towards paying off the loan faster:
Ontario Tax Calculator to see your tax bracket (general purposes only for tax planning):

CMHC Booklets