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22 Nov

Unlocking Opportunities: Government Grants and Incentives for Ontario Homebuyers…

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Posted by: Jim Graszat

Purchasing a home is a significant milestone in one’s life. For Ontario homebuyers there are various government grants and incentives in place to make the path to homeownership more accessible and affordable. Let’s explore the range of programs available to you.

  1. First-Time Home Buyers’ Tax Credit: This federal program offers a non-refundable tax credit of up to $750 on closing costs associated with the purchase of your first home.
  2. Land Transfer Tax Rebate: Ontario levies a land transfer tax on the purchase of real estate, but first-time homebuyers can take advantage of a rebate to lessen this financial burden. The Land Transfer Tax Rebate offers up to $4,000 for eligible first-time buyers.
  3. Ontario Renovates Program: For those looking to purchase an older home and undertake renovations, the Ontario Renovates Program is a valuable resource. This initiative provides financial assistance to low- and moderate-income households, helping them make necessary repairs or modifications to their homes.
  4. Home Buyer’s Plan (HBP): The Federal Home Buyer’s Plan enables first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to put towards the purchase of a home.
  5. Ontario Energy and Property Tax Credit: Homeownership comes with ongoing costs, including property taxes and energy bills. The Ontario Energy and Property Tax Credit provides financial relief to eligible low- to moderate-income individuals, helping offset some of these expenses.
  6. CMHC Green Home Program: If you’re considering environmentally friendly home features, the Canada Mortgage and Housing Corporation (CMHC) Green Home Program might be of interest. This initiative offers a premium refund for those purchasing, building, or renovating a home with energy-efficient qualities.

Navigating the financial landscape of homebuying can be daunting, but with the various government grants and incentives available in Ontario, the journey becomes more manageable. As your mortgage agent, I will guide you through these opportunities, helping you leverage these programs to make homeownership a reality.