First Time Home Buyer Programs
Which programs save me money and help to buy a home.

There are 3 Government programs available to first time home buyers however, you do not necessarily need to be a first time home buyer to utilize them. In the case of separation or divorce (married or common law), or a person with disability, or if the applicant (or their spouse/common law) have not been on any land title in the last 4 years may again qualify you under one or more of these programs. 



First Time Homebuyers Plan

A program that allows you to withdraw up to $35,000 TAX FREE from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

Do I need to pay it back?

Yes, the minimum requirement to repay is 1/15 each year of the total amount withdrawn. You will indicate in your tax return how much of your total RSP contributions is to repay the HBP.

EX: Withdraw $35,000 / 15years = $2,333/year would have to put back into an RSP.

Note: you can only withdraw money that has been in the RSP for at least 90days or you will be taxed on that portion.

Couple in a Kitchen
Couple at Home


First Time Buyers Tax Credit

​In 2009 this program was introduced and provides a non-refundable tax credit in the year you purchased and title was put in your name. 

To qualify

- you or your spouse or common-law partner acquired a qualifying home; and

- you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or any of the four preceeding years.

- persons with disabilities may also be eligible. Please see the link below to Revenue Canada's website for full details.  

How do I get my credit?

It is entered into your tax return.


First Time Buyers Incentive Program

Starting in Sept 2019, the Federal Government introduced this program as a 3yr intiative will accept applications until Sept 2022 (must close by March 31, 2024). It is a shared equity program between the applicant/s and the Government on insured mortgages.


Main Details of Program

  • The applicants must have a min of 5% down payment from their own sources. 

  • The Government will then provide funds towards the down payment.If an existing home, a 5% incentive. If new construction, a 5% or 10% incentive. This will increase the down pmt, reducing the insurer premium as well.

  • The applicant's are not responsible to repay the incentive until the property is sold or at after 25yrs. So while there are no payments on the incentive, at the sale of the property the incentive needs to be repaid based on the fair market value at that time - up or down based on the percentage initially provided. ​​

  • Total qualifying income less than $120,000/yr and there is also a mortgage to income ratios that must be met.

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The beginning of your adventure starts with the mortgage application

Step 1: The Application

What happens after I submit an application?

Within 24hrs you will be contacted by Nikole with any additional questions and/or information for you. Please complete the application in full, this is the #1 reason for delays at this stage and I want to be quick for you. 

Is my information secure?

All of your data is encrypted, secured and we only use Canadian servers. Click here for more information on the security of the application process. Click here to view TMG's privacy policy. I am also a 100% paperless office. 


What happens if I don't qualify right now?

Then we plan. Our homes are typically our largest asset and debt, it's normal to need some planning time. 

My realtor asked for a pre-qualifying letter?

No problem, I can provide that after application review.