RRSP Home Buyers’ Plan
This program allows you to withdraw up to $25,000 from your RRSP to buy or build a new home.
You can also use it to buy or build a home for yourself or someone you know with a disability.
Home Buyers’ Tax Credit
The THBTC is a non-refundable tax credit that helps homeowners recover closing costs such as legal expenses and inspections. First-time buyers can claim up to $5,000 for the purchase of a qualifying home on their personal tax return on the year of purchase. However, you cannot have lived in another home you or your partner owned in the previous 4 years.
If you have a disability (i.e., you are eligible for the disability tax credit) or if you bought the house to improve accessibility for someone who is disabled, you do not have to be a first-time home buyer.
The GST/HST new housing rebate gives back some of the GST or the federal part of the HST you paid – up to $1,500 – for a new or substantially renovated house that is your primary place of residence provided you meet all the eligibility requirements.
This program is open to First Nations and First Nation members owning residential properties that want to create affordable, self-contained rental accommodation (secondary, granny, or garden suites) within their primary residence.
Eligible households can receive fully forgivable loans that do not have to be repaid as long as you stick to the conditions of the program, such as renting the suite to low-income tenants. The most you can get is $60,000 per unit unless you live in a northern or remote community. In that case, the amount increases by 25%.
If you buy, build, or renovate for energy efficiency using CMHC-insured financing, you could receive a 15% rebate for building a home to ENERGY STAR® standards or up to 25% for building a home to R-2000 building standards.
Receive a 25% rebate when you build a home through one of Genworth Canada’s qualifying energy-efficient building programs or meet the prescribed minimum Natural Resources Canada EnerGuide requirements and fund it through a Genworth Canada insured mortgage.