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Government Programs For Home Buyers

The Canadian government offers a variety of programs designed to help you purchase a house. However, certain Ontario programs carry a fairly stiff price tag and all come with limitations. Nevertheless, if used properly, these programs can be used to your benefit. Each province has their own programs, so contact a Basic Mortgage Corp. representative to discover if any programs are right for you.

Ontario Home Ownership Savings Plan (OHOSP)

OHOSP provides a savings plan and refundable tax credit that helps lower income individuals and couples save toward the purchase of a first home. This plan is for first-time buyers only and it is for couples with a collective income of less than $80,000. If you save through an OHOSP, you benefit from interest earned and tax credit if the home you buy is under $200,000. In fact, your OHOSP funds earn interest while held in your plan. You could receive up to $500 per person or $1,000 per couple in OHOSP tax credits. Talk to your local Mortgage Broker to learn about any current changes.

Booklets are available by calling the Ministry at 1-800-263-7965

Registered Retirement Savings Program (RRSP)

This is a program for first time home buyers only whereby you can borrow from you own RRSP, interest-free up to $20,000.00. The money must be repaid in annual instalments within 15 years. Skipped repayments or shortfalls are taxed as RRSP withdrawals. Revenue Canada will help keep you on track.

LTT Refund & GST New Housing Rebate

Ontario Land Transfer Tax refund to be extended to continue helping families buy their first home and to support job creation in the housing industry, Ontario passed legislation (fiscal 2000) to extend the Land Transfer Tax (LTT) refund. The Land Transfer Tax refund applies to first-time buyers of newly built homes. The maximum refund is $2,000 and equals the land transfer tax payable on a house valued at $227,500.

How do I know if I qualify for a refund?

  • You must be at least 18 years old.

  • The refund applies to a newly built home.

  • Applications for refund must be made within 18 months after the date of conveyance.

  • The purchaser must occupy the home as his or her principle residence within 9 months of the date of conveyance.

  • You cannot have previously owned a home, or an interest in a home, anywhere in the world.

  • If you have a spouse or same-sex partner, he or she cannot have owned a home, or an interest in a home, anywhere in the world while he/she was your spouse or same-sex partner.

  • You cannot have received an OHOSP-based refund of land transfer tax.

How much is the refund?

The amount of the refund will be the entire amount of tax paid or payable, up to a maximum of $2,000. If you own less than 100% interest in the new home, the amount will be reduced and calculated according to the amount of your interest in the new home.

How do I get the refund?

You can receive an immediate refund at the time of registration by submitting a properly completed – Land Transfer Tax Refund Affidavit for First Time Purchasers of Newly Constructed Homes - to the Land Registry Office.

GST New Housing Rebate

You may be able to claim a rebate for a portion of the GST you pay on the purchase price or cost of building your home if you buy a new or substantially renovated home, mobile home, floating or modular home from a builder or vendor. Or, you buy a share in the capital stock of a co-operative housing corporation, or construct or substantially renovate your home (or hire someone to do so). Also applicable if your home is destroyed by fire and is rebuilt. Contact the Canada Customs and Revenue Agency in your community for the Completion Guide and Application Form. In most cases, your solicitor will take care of this for you.