Incentives & Rebates for Buyers in Ontario
You can explore valuable incentives for homebuyers on CMHC’s website under the sections titled “Government of Canada Homebuyer Incentives and Rebates” and “The First-Time Home Buyer Incentive.“
Here’s a brief overview of typical incentives for property buyers in Ontario. Keep in mind that the availability of these incentives can change, so it’s crucial to consult government resources and seek advice from your legal or financial professionals for the latest details
- First-Time Home Buyers’ Tax Credit (FTHB): This federal tax credit offers relief to first-time buyers, providing up to $750 in tax savings.
- Land Transfer Tax Refund for First-Time Homebuyers: Ontario provides a refund of up to $4,000 on the provincial land transfer tax for first-time buyers.
- Home Buyers’ Plan (HBP): This federal program allows first-time buyers to withdraw up to $35,000 from their RRSPs to purchase or build a home.
- Ontario Home Ownership Savings Plan (OHOSP): Though not currently available, OHOSP allows individuals to save towards their first home with a tax benefit.
- Municipal Property Tax Incentives: Some municipalities in Ontario offer property tax rebates or deferrals for energy-efficient homes or heritage properties. Check with your local government.
- Ontario Renovates: This program assists low and moderate-income homeowners in repairing and improving their homes.
- Energy-Efficiency Incentives: Buyers can benefit from various incentives for upgrading their home’s energy efficiency, including rebates on insulation, windows, and more.
- GST/HST New Housing Rebate: Buyers of new or substantially renovated homes may be eligible for a rebate on the federal portion of the GST/HST.
- Rental Housing Conversion Program: This program provides financial incentives to landlords who convert non-residential properties into residential rental units.
- Affordable Housing Programs: Various programs aim to increase access to affordable housing, both for buyers and renters. Eligibility criteria may apply.
Remember that these incentives may change over time, and it’s crucial to consult official government websites, a lawyer, an accountant, or a financial advisor for the most current information and eligibility requirements.