Your down payment
Minimum Down Payment requirements
Less Than $500,000 Homes
If you’re purchasing a house for less than $500,000, the minimum down payment is 5%.
Homes Between $500,000 - $999,999
If the house purchase price is between $500,000 and $999,999 then the minimum down payment is: - 5% on the first $500,000 - + 10% on the remaining amount over the $500,000
Over 1 Million $ Homes
If the purchase price is $1 Million or more, the minimum down payment amount is 20%.
First time buyer
The Government of Canada has set the Home Buyers’ Plan withdrawal limit to $25,000 per person for withdrawals to provide first-time homebuyers with greater access to their RRSP savings to purchase or build a home. You have 15 years to repay the amount you withdrew from your RRSP.*
$5000 Income Tax Credit
To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a FTHB Tax Credit — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual,* the credit will provide up to $750 in federal tax relief.
Land Transfer Tax Refund
Depending on your province, a land transfer tax refund may be available for first time home buyers.
*To obtain more information on the First-Time Home Buyers’ Tax Credit and the Home Buyers’ Plan visit www.cra.gc.ca