First Time Buyers in Toronto Real Estate - Use your RRSP for First Home Purchase

Help for the first time home buyer in Toronto.

Even if your spouse or common-law partner has owned a property previously, you can still qualify as a first time buyer and for the Government of Canada's first time home buyers' programme (HBP) and use your RRSP for your purchase. Check out the rules .

The amount of money that you can withdraw from a Registered Retirement Saving Plan (RRSP) without a tax penalty has been increased. Now first-time buyers can withdraw $25,000 tax-free from a Registered Retirement Savings Plan (RRSP) to purchase or build a new home (up from $20,000).

See Claire Gordon's buyers' guide 

HST Review - Do I pay the HST when I purchase my home in Toronto?

 The HST does not apply to the purchase of resale properties. However, it does apply to fees and services associated with the purchase.

The HST  has been applied to the purchase of new homes, but a rebate will be available for those purchasing new homes up to $500,000 if they are their primary residences.  A home under $400,000 has a rebate of 6% of the purchase price.

Please contact  David Speedie if you have further questions: dspeedie8@gmail.com