First Time Home Buyers RRSP Plan - HBP

The HBP program allows buyers to withdraw funds from their registered retirement savings plan (RRSPs) to buy or build a qualifying home. Up to $35,000 can be withdrawn in a calendar year and the home can be for the buyer or for a related person with a disability.  The RRSP contributions must remain in the RRSP for at least 90 days before they can be withdrawn under the HBP, or they may not be deductible for any year.

Generally, repayment of all RRSP withdrawals need to be made within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income for that year. Please consult your financial advisor for more information.

First Time Home Buyers Ontario Land Transfer Tax Credit

The Land Transfer Tax Credit is a refund of the cost of the Ontario Land Transfer Tax up to a maximum of $2,000.  To qualify the property must be owner occupied and the credit depends on the value of the home purchased. The refund is reduced when one of more of the transferees are not first time home-buyers. Once again, you are advised to contact your financial advisor and/or lawyer for all details.

Use the Land Transfer Tax Calculator to estimate the LTT on the purchase of your Residential property.


  Marion had completed a number of sales in our community -- and she had worked very hard to have a professional and supportive presence there. When we first contacted Marion, we were a long time away from wanting to/being able to take action. She worked with us throughout this period and provided very helpful market research. along with specific information about prospective properties for us once we were ready to sell. The production of sales material on our home was creative and impressive. She was able to capture its special features, and showcased beautifully the expansiveness of the property. We enjoyed working with Marion. She was patient and supportive and understood that the second half of our initiative (the purchase) was just as important as the first. Thank you, Marion.

Carol Kalbfleisch, Burlington

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