Buying your first home? Here are some tax tips.

Mortgage monitor peter rawskiDear Members,

Buying your first home? Here are some tax tips.

There’s nothing quite like the feeling of buying your first home. It’s a big step to take… and it comes with some big expenses!

Did you know that you may be entitled to a bit of relief from some of the costs you’re facing? The government offers certain tax breaks to first-time home buyers, and if you’re eligible, you could end up saving a nice little chunk of money.

One of these tax breaks is the Home Buyers’ Plan (HBP), which gives you the opportunity to withdraw up to $25,000 from your RSP for the purchase of your first home without having to pay withholding tax on the withdrawal.

There is also a First-time Home Buyers’ Tax Credit (HBTC), which is a $750 non-refundable tax credit you can claim in the year you buy your first home.

Also, depending on where you live, you may qualify for a Land Transfer Tax (LTT) Refund.

To learn more about each of these, read this month’s Interest Rate Monitor at

™ forward banking is a  trademark of ING Bank of Canada.

* Interest is calculated semi-annually, not in advance. Assumes no change in rate and no fees apply. “Big Banks” refers to Bank of Montreal, CIBC, TD Canada Trust, RBC Royal Bank and Scotiabank.


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