RRSP Home Buyer’s Plan
You can borrow up to $25,000 directly from your RRSP
There is no tax penalty
You have 15 years to pay the money back into your RRSP
Essentially, you are borrowing from yourself at 0% interest.
If you are wanting to use your RRSP’s as your down payment, your accountant will have you fill out a T1036 form. Here is a link to the Canada Revenue agency for this form:
First Time Home Buyers Incentive
Read more about the first time home buyers incentive program released September 2019.
First-Time Home Buyer’s Tax Credit
Allows you to recover up to $750 based on current tax rates
Allows you to recover some of the associated costs incurred with the purchase of your new home such as legal fees, land transfer taxes, and home inspections.
Here is a link to Revenue Canada regarding the First Time Home Buyer Tax credit.