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"This page is here to help those who are First TIme Home Buyers who need the 'Right Guidance' and more importantly,get all the imformation in one spot!"

Land Transfer Tax (LTT) Refund

You may receive a refund from the Ontario government of up to $2,000 of the land transfer tax you paid on your first home. Other provinces have similar programs. Here's how it works:

  • You must be at least 18 years old.
  • You cannot have previously owned a home, or an interest in a home, anywhere in the world.
  • Your spouse cannot have owned a home, or an interest in a home anywhere while they were your spouse.
  • You may receive the refund at the time you register your home purchase. If not, you must apply for it no later than 18 months after the registration date.

First-time Home Buyers' Tax Credit (HBTC)

You or your spouse can claim this tax credit on your annual income tax return. The credit is based on an amount of $5,000. To calculate, multiply the lowest personal income tax rate for the year (15% in 2011 and 2012) by $5,000. For these years, the maximum credit is $750. Here's how it works:

  • You or your spouse must have acquired a qualifying home acquired after January 27, 2009.
  • You cannot have lived in another home owned by you or your spouse in the year you buy your first home – or in any of the 4 preceding years.

Expansion of the Home Buyers' Plan (HBP)

To provide first-time homebuyers with greater access to their RRSP savings to purchase or build a home, the Government of Canada has increased the Home Buyers’ Plan withdrawal limit to $25,000 from $20,000 per person for withdrawals made after January 27, 2009.

To obtain more information on the First-Time Home Buyers’ Tax Credit and the Home Buyers’ Plan, call 1-800-O-Canada or visit the Canada Revenue Agency website at


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Home BuyerTIPS:
  • Buy a home in the Best Neighbourhood you can afford. Your usually better off with the least expensive home in the area rather than the most expensive home.
  • If the quality of the school district does not matter to you now, remember it might someday to another buyer
  • If you have to resell soon, don't buy an unusual home. Find out what type of home to stay away from
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