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First time buyers

If you are a first time buyer you have many options available to you that you should be aware of. The first is the federal government has created a "RRSP Home Buyer's Plan" so that you can withdraw up to $25,000 per spouse of your RRSP contributions (made 90 days before your RRSP withdrawal) without tax liability, to use towards your down payment. All you have to do is repay the RRSP over the course of the following 15 years.

Government of Canada "Home Buyers' Plan"

As of Januray 27, 2009, the Canadian Government has introduced a special tax credit for first time home buyers. Calculated on 15% of the lowest tax bracket ($5000), a credit of $750 is available to be claimed. Find out more about this credit and how to take advantage of it through this link.

Government of Canada "First-Time Home Buyers' Tax Credit"

Some lending institutions also offer other perks to first time home buyers like free security systems or reduced banking fees for the following year. It is definitely worth your while to ask your lender what is available to first time buyers. After all, you only get to be a first time buyer once!