One grant that is specifically for Canadian first-time home buyers that are purchasing their first property is the Home Buyers’ Plan, (HBP). HBP allows you to withdraw up to $25,000 (or, if you’re buying together – up to $50,000 combined with a spouse/common law partner), in one calendar year from your registered retirement savings plans to buy or build a qualifying home for you, or a relative with a disability.
The actual tax savings will depend on your marginal tax bracket. If you have previously participated in the Home Buyers’ Plan, you may be able to re-qualify, provided you’ve fully repaid the amount you initially borrowed and you’re eligible based on all the other HBP eligibility criteria.
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