First-Time Buyer Incentives in Ontario
A few government programs can meaningfully reduce what a first-time buyer needs upfront — here’s a plain-English overview.
Land transfer tax rebate
Ontario offers a rebate of up to $4,000 on land transfer tax for qualifying first-time buyers, and the City of Toronto has a separate municipal rebate that doesn’t apply outside Toronto.
First Home Savings Account (FHSA)
A registered account that combines the contribution deductibility of an RRSP with tax-free withdrawals for a qualifying first home purchase — worth discussing with your accountant or financial advisor.
RRSP Home Buyers’ Plan
Allows eligible first-time buyers to withdraw funds from an RRSP toward a down payment, to be repaid over time.
Confirm eligibility before you rely on any program
Rules and amounts change and eligibility depends on your specific situation — always confirm current details with your lender, lawyer or accountant before counting on a specific number.