Quick answer
Ontario first-time buyers may qualify for a provincial land transfer tax rebate, the federal RRSP Home Buyers' Plan, and the First Home Savings Account (FHSA). Eligibility and amounts are set federally and provincially and should be confirmed with a mortgage broker or accountant before you rely on them.
Land transfer tax rebate
Ontario offers a land transfer tax rebate for qualifying first-time buyers, and the City of Toronto has its own separate municipal land transfer tax rebate that does not apply outside Toronto. Kitchener buyers pay provincial land transfer tax only, and should confirm current rebate amounts and eligibility with their lawyer, since these are set by the province and can change.
RRSP Home Buyers' Plan
The federal Home Buyers' Plan allows eligible first-time buyers to withdraw funds from an RRSP toward a down payment, with the amount repaid to the RRSP over time under CRA rules. Confirm current withdrawal limits and repayment terms with a mortgage advisor or accountant, as federal program details are updated periodically.
First Home Savings Account (FHSA)
The FHSA is a federal registered account that combines features of an RRSP and TFSA specifically for first-time home purchases, allowing tax-deductible contributions and tax-free withdrawals when used toward a qualifying home. Speak with a financial advisor about current contribution limits and how it fits alongside other savings you're using for a down payment.
Getting personalized advice
Because eligibility rules and amounts for these programs are set federally and provincially and do change, confirm current details with a mortgage broker, accountant or lawyer before relying on them in your purchase budget.
Pricing referenced above is preliminary VIP pricing and subject to change without notice. We do not represent the builder. Register below for the official Lackner Ridge Townhomes price list and floor plans.
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