Unlocking Savings: Canadian Programs for First-Time Buyers, Renovations & Accessibility

First-Time Home Buyer Programs

1. First-Time Home Buyers' Tax Credit (HBTC)

• Amount: Up to $750
• Eligibility: Must be a first-time home buyer and have purchased a qualifying home.
• Claim: Non-refundable tax credit, reducing tax payable. 

2. Home Buyers' Plan (HBP)

• Amount: Withdraw up to $60,000 from your RRSP (or $70,000 for couples) to buy or build a qualifying home.
• Repayment: Must be repaid within 15 years.
• Eligibility: Funds must be in the RRSP for at least 90 days before withdrawal. 3. First Home Savings Account (FHSA)
• Contribution Limit: Up to $8,000 per year, with a lifetime limit of $40,000.
• Tax Benefits: Contributions are tax-deductible, and withdrawals for a qualifying home purchase are tax-free.
• Eligibility: Must be a first-time home buyer. 

4. Land Transfer Tax Refund

• Amount: Up to $4,000 for first-time home buyers.
• Toronto Residents: Eligible for an additional rebate of up to $4,475, totalling up to $8,475 in rebates.
• Eligibility: Must be a first-time home buyer and occupy the home as your principal residence. 

5. GST/HST New Housing Rebate

• Amount: Rebate of part of the GST or HST paid on a new or substantially renovated home.
• Eligibility: Must be the purchaser and occupy the home as your primary place of residence.

Homeowner Renovation & Energy Efficiency Programs

1. Home Renovation Savings Program

• Rebates: Up to 30% of costs for upgrades like windows, insulation, and heat pumps.
• Eligibility: Available to homeowners in Ontario.
• Administered by: Save on Energy and Enbridge Gas, supported by the Ontario government. 

2. Home Efficiency Rebate Plus (HER+)

• Rebates: Up to $5,000 for energy-efficient upgrades such as insulation, air sealing, and heat pumps.
• Eligibility: Must be an Enbridge Gas customer and complete at least two eligible upgrades.
• Note: Program intake has ended; however, homeowners who have already begun the process can still claim rebates by completing their projects. 

3. Canada Greener Homes Grant

• Grants: Up to $5,000 for energy-efficient upgrades.
• Eligibility: Homeowners must complete a pre- and post-retrofit energy assessment.
• Note: Program intake has ended; however, homeowners who have already begun the process can still claim rebates by completing their projects. 

4. Ontario Renovates Program

• Assistance: Financial aid for low-income homeowners for essential repairs, including accessibility modifications and energy-efficient upgrades.
• Eligibility: Income-tested; available to eligible homeowners in Ontario. 

5. Save on Energy Rebates

• Incentives: Rebates for energy-efficient appliances and HVAC systems.
• Eligibility: Available to homeowners in Ontario.
• Note: Rebate amounts vary based on the type of upgrade.

Accessibility & Multigenerational Living Tax Credits

1. Home Accessibility Tax Credit (HATC)

• Amount: Up to $3,000 for qualifying home renovations that improve accessibility or reduce the risk of harm.
• Eligibility: Available to homeowners aged 65 and older, or those eligible for the Disability Tax Credit. 

2. Multigenerational Home Renovation Tax Credit (MHRTC)

• Credit: 15% of qualifying renovation expenses, up to $7,500.
• Eligibility: Renovations must create a secondary unit for a senior or an adult with a disability to live with a qualifying relative. 

Additional Considerations

• Extended Mortgage Amortization: As of December 15, 2024, the Canadian government has extended mortgage amortization periods to 30 years for first-time homebuyers and purchasers of newly built homes. 
• Increased Insured Mortgage Cap: The cap for insured mortgages has been raised from $1 million to $1.5 million, allowing more buyers to qualify for mortgage insurance with a minimum down payment of 5%.

For personalized advice and to determine eligibility for these programs, consider reaching out for more information.