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The Ontario First-Time Buyer Guide

Unlocking homeownership in Ontario is easier when you know exactly which federal and provincial programs describe your situation. Simulate your savings and determine your true buying power below.

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First-Time Buyer Intelligence

Maximize Your Buying Power

Calculate every federal and provincial benefit available to you. See exactly how much you can save on your first home purchase.

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Co-applicant?
Max $8,000
Max $35,000

Estimated Instant Savings

$7,900

Tax Rebates Included
Instant Credits Applied
Provincial Incentives

"You could save up to $7,900 as a first-time buyer in Ontario"

First Home Savings Account

FHSA Savings

Annual Tax Savings

$2,400

Lifetime Potential

$12,000

Tax-deductible contributions that grow tax-free. Contributions lower your taxable income immediately.

Home Buyers' Plan

RRSP HBP

Interest-Free Withdrawal

$35,000

Repayment Period

15 Years

Withdraw up to $35,000 from your RRSP tax-free. Repayment starts 2 years after purchase.

Home Buyers' Tax Credit

Federal HBTC

Fixed Tax Credit

$1,500

Credit Base

$10,000

A non-refundable $10,000 tax credit translated to a $1,500 direct reduction in federal tax owed.

Land Transfer Tax Relief

LTT Rebate

Cash Rebate

$4,000

Province

ON

Ontario first-time buyers receive a rebate of the land transfer tax up to a maximum of $4,000.

Estimates only. Amounts based on 2024-2026 CRA and provincial legislation. FHSA limits: $8,000/year, $40,000 lifetime. RRSP HBP limits: $35,000/person or $70,000 combined. Consult a licensed tax professional before making financial decisions. Omonop is not a financial advisor.

Simplified Eligibility.

Navigating the CRA guidelines for FHSA or the 15-year repayment schedule for HBP shouldn't be complicated. We've distilled thousands of pages of policy into a single, interactive checklist for homeowners in Ontario.

Never owned a home in the last 4 calendar years.
Permanent resident or Canadian citizen.
Purchasing as a principal residence.
Compliance Note

This guide is for educational purposes only. Legislation regarding FHSA and LTT rebates can change. Always consult with a licensed tax professional or mortgage broker for personalized financial advice.

FHSA & HBP Power

For 2026, you can save up to $8,000/yr in an FHSA. Combined with the HBP ($60,000 limit), you can access significant tax-free capital.

Ontario Incentives

In Ontario, programs like Ontario Home Ownership Savings and Ontario Land Transfer Tax Rebate can provide up to $4,000 in direct savings.

Financial Literacy

Understanding these programs allows you to increase your down payment without extra cash out of pocket, reducing your overall interest costs over 25 years.

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