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Homeownership assistance

There are some programs and policies in place that will help make buying a little easier.

These are listed below.

Energy-efficient housing program

Home buyers purchasing an energy-efficient new home or refinancing an existing home to make energy-saving renovations with Genworth-insured mortgages are eligible to receive a 10 per cent refund on their mortgage insurance premium.

GST / HST rebate for new homes

Individuals who buy new or substantially renovated homes may qualify for a rebate of part of the federal GST or HST paid on the purchase price. If your house is located in Nova Scotia, you may qualify for an additional rebate. In Québec, this program is administered by Revenu Québec. If you build or buy a new house in Quebec, contact Revenu Québec at 1-800-567-4692. Manitoba and Ontario also have provincial programs. Information on the federal program can be found at:

The Homebuyer’s RRSP Plan

The Homebuyer’s Plan (HBP) is a program that allows you to withdraw up to $20,000 in a calendar year from your Registered Retirement Savings Plans (RRSP) to buy or build a qualifying home. In many ways, this can be thought of as taking an interest-free loan from yourself, which you repay in instalments until your HBP balance is zero. The amount must be repaid to the RRSP within 15 years with a minimum annual payment of 1/15th of the amount withdrawn. If you do not repay the amount due in any given tax year, it will have to be included in your taxable income for that year.

If you buy the qualifying home with your spouse or common-law partner, or with other individuals, each of you can withdraw up to $20,000 from your RRSPs. More information on the homebuyer’s plan can be found on Canada Revenue’s website.