November 9, 2017

Home Ownership Programs: Are You Eligible?

Many programs are available that encourage people to become a homeowner or resident of a municipality. Here are some of the main programs in place.

Government assistance programs

Home Buyers’ Plan (HBP)

The Home Buyers' Plan (HBP) is a federal government program that allows you to withdraw up to $25,000 per calendar year from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home. You then have 15 years to repay the funds withdrawn from your RRSP, starting in the second year after the withdrawal. A popular way to come up with a down payment.

Home buyers’ amount

If you are purchasing your first property, you could benefit from a $5,000 federal tax credit. The credit is applicable to several types of properties. Conditions apply. View all the details.

Novoclimat 2.0 Program

Are you planning to buy a new or prefabricated single-family home? Then, the Novoclimat 2.0 program might be for you. The owner of a Novoclimat 2.0 certified new residence or renovated residence in a small multi-dwelling building may receive up to $4,000 in financial assistance, a reduction in insurance premiums and in some cases, discounts on mortgage rates. Find out more about the conditions.

Municipal assistance programs

Various towns and cities also offer home ownership programs. Some municipalities may even offer a property tax credit. Contact the city that interests you.


See also:

10 simple tips to save on your heating bill

6 Tips for Successful Obtaining or Renewing a Mortgage

The FHSA: 7 Advantages Explained by a Lawyer

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