Buying Real Estate
First-time Homebuyer's Refund
A refund on part of the tax payable is available if you or your spouse have never owned a home in any part of the world and intend to occupy the property within 9 months of the date of transfer.
Homebuyer's Plan
The Home Buyers' Plan (HBP) allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.
Homebuyer's tax break
If you or your spouse acquired a home in the year, and have not lived in a home you owned for four years, you can claim a tax deduction of $5,000 in your annual tax return.
The content of this article is intended to provide a general guide on the subject matter. It is not intended to replace professional advice. Specialist advice should be sought about your specific circumstances.