menu

Savings for first-time homebuyers

Date Posted
30 September 2014
[caption id="attachment_447" align="alignleft" width="300"] (Photo credit: Devonyu/iStockphoto.com)[/caption] With housing prices rising over the last few years, it's no wonder that it's harder for first-time homebuyers to enter the market. Home ownership rates among those between 25 to 35 dropped to 50 per cent from 55 per cent, while the rate of homeowners older than 35 remained the same, according to a recent CIBC Economics report. This adds to the fact that first-time homebuyers are now saving more for their purchase and there's a greater willingness by homebuyers to enter a bidding war. If you've decided to buy a newly built home, then you're in a great position to tap into the HST housing rebate. But if you also happen to be a first-time buyer, there are even more ways that you can save money on your large purchase.First-time homebuyers tax credit: The Canadian Government offers first-time homebuyers a non-refundable tax credit of up to $750 if you bought a home in Canada. This applies to all types of homes, whether it's a condominium, apartment, townhouse, detached house, semi-detached house, a mobile home or a share in co-op housing if you own the unit. The home can either be newly built or a resale property too. Only those who are registered as homeowners qualify to make the claim, but claims can be made by the buyer, the buyer's spouse or common law partner or even the buyer's friend (as long as they're on the title.)Land transfer tax refund: For many homeowners, the land transfer tax is their largest closing cost. If you live in a province that doesn't charge one, consider yourself lucky. You'll be glad to hear if you're a first-time homebuyer in Ontario, you can receive up to a $2,000 refund that will help you recover some of your money. In order to qualify, the home must be your primary residence within nine months and you or your spouse can't have previously owned another home. Homeowners must apply for the refund with the Ministry of Finance within 18 months of the land's transfer. (Not every province offers this refund and if they do, research the province's terms of eligibility.)Home Buyers' Plan: One great way to save up for your home's downpayment is by using your Registered Retirement Savings Plan (RRSP). Your RRSP is a great place to stash your retirement savings and if you're looking to become a first-time homebuyer, there's an extra bonus for you. Typically, when you withdraw money from your RRSP before the age of 71, the amount is withdrawn is counted towards your income and a portion of it is withheld to pay the upcoming tax bill. With the Home Buyers' Plan, you can withdraw up to $25,000 and you'll have up to 15 years to replace the balance. If you don't, this is when it'll be added to your income and taxed. In order to qualify, you need to have a written agreement of the house you plan to purchase or build for yourself and it also needs to be your primary residence within one year of the purchase or completion date. Whether you decide to buy a newly built home as a place to raise a family or as an investment, recover some of your money through an HST rebate with help from Rebate4U. Our priority is to provide our clients with the most professional and quality service in obtaining rebates for their new and renovated homes. We are proud to offer our clients the most personal and attentive service, and we make sure that all of our clients are 100% satisfied.

Contact Us

Rebate Calculator

Please enter the total value of your renovation including tax.

Total construction cost
(including taxes)
$
Search Our Blogs

More of our Blogs

08 October 2025

The Timeline Homeowners Can Expect for Receiving HST Rebates

For many Ontario homeowners, claiming an HST rebate on home renovations can appear like navigating through a maze. Being aware of when to expect your rebate is crucial in helping plan funding and avoiding surprises. If you're willing to make the process simpler, Rebate4U can help guide you through every step and facilitate your application to be processed efficiently. Whether you are starting...

View Full Post
29 September 2025

How to Claim the HST Rebate for a Home Addition or Expansion

Expanding on your home is a major cost, but not many homeowners know that they can recover significant tax benefits under the HST Rebate on Home Renovations. Ontario homeowners, in particular, can find the rebate a huge offset against additions to their home or home renovations, making their project more affordable. The claim process can be complicated, and that is why using a professional service...

View Full Post
08 September 2025

Why Apply for the HST Rebate on a New Condo

When purchasing a new home, every dollar matters. One type of saving many buyers of condos overlook is the HST rebate on a new condo. This can significantly reduce your purchase cost, putting more money in your pocket. To consumers navigating the intricacies of housing expenses and tax credits, hiring a professional like Rebate4U simplifies everything and guarantees that you get the best return....

View Full Post
21 August 2025

Do You Still Qualify for the HST Rebate If You Rent Out the Property?

When buying a brand-new home in Ontario, owners are excited about the possibility of saving money under the HST rebate on a new condo purchase. By lowering the cost of closing, the rebate can make homeownership even more within reach. But what if you plan on renting it out instead of living there? In most cases, you may still be eligible under a different rebate, though. It's the difference...

View Full Post
08 August 2025

Do I Qualify for the HST New Housing Rebate If I am Building a New Home

If you're getting a home built in Ontario, you could qualify for the HST new housing rebate and get back some of the HST you paid to have it built. The rebate is extremely useful, but it is provided on the basis of specific rules. Having an idea of the rules prevents you from losing thousands of dollars in rebates. For professional guidance on your application, contact the professionals at...

View Full Post
24 July 2025

What to Do If Your HST Rebate Application Is Denied

The HST new housing rebate can offer substantial savings for homeowners in Ontario, but not all applications are automatically approved by the Canada Revenue Agency. In some cases, homeowners receive a denial from the CRA after submitting their paperwork. If your HST rebate in Ontario has been denied, it doesn’t necessarily mean you’re ineligible; instead, it may just mean that further...

View Full Post
14 July 2025

Why The CRA May Ask You to Pay Back Your HST Rebate in Ontario

The HST rebate in Ontario has helped thousands of homeowners across the province recover part of the Harmonized Sales Tax paid on new home purchases, substantial renovations, or new condo purchases. However, once you receive the rebate, it may not always be final. The Canada Revenue Agency (CRA) may request that you repay it under certain circumstances or reduce the amount you receive in the first...

View Full Post
19 June 2025

Why Most Ontario Homeowners Miss the HST Rebate After Renovating

When starting on a significant home remodel, Ontario residents usually put design, contractors, and budget at the top of their list, but leave behind a significant savings opportunity: the HST Rebate on Home Renovations. This government program will return thousands of dollars to eligible homeowners, but few claim it or are denied because of costly mistakes that could have been avoided....

View Full Post
05 June 2025

Can You Claim the HST Rebate if You Rented Out Your Condo?

Purchasing a new condo in Ontario is full of benefits, do you know that you may be leaving up to thousands of dollars on the table if you don't make use of the HST rebate for new condo purchases? This rebate program is one of the least-used money-saving incentives available to homeowners. Whether you're buying as an investor or as a primary residence, understanding how the HST rebate in...

View Full Post
29 May 2025

What is the Timeline for Receiving the HST Rebate on Home Renovations

Home renovations can be a significant investment, but for many Ontario homeowners, the HST rebate for renovations offers financial relief. Through the Rebate program, homeowners who substantially renovate or rebuild their homes may be eligible for a portion of the HST paid. Understanding the timeline for receiving the HST rebate in Ontario is essential for managing your renovation budget. If you...

View Full Post
Homeowners, obtain an HST rebate of up to $30,000 today!
get started

Why Choose Rebate4U?

Experienced Specialists

For over 10 years, the Rebate4U team has the knowledge and expertise to help residential property owners throughout Ontario successfully apply for regional HST Rebate programs.

Free Consultations

Our specialists offer complimentary consultations where we review your eligibility to determine whether you qualify for an Ontario HST Rebate so you can proceed with your application confidently.

Millions Awarded

We are able to expertly navigate rebate opportunities, staying up-to-date on the most recent rebate developments and changes in the HST Rebate program to maximize returns. To date, we’ve successfully acquired millions of dollars for clients in total.

Customer Commitment

The Rebate4U team is dedicated to delivering the highest level of customer service, we are here to answer your questions and help you navigate the intracises of your application easily and efficiently.

Cashing-In on the HST Rebate is as Easy as 1-2-3
Contact REBATE4U

Set up a quick, free consultation with the Rebate4U team to explore your HST Rebate options.

COLLECT DOCUMENTS

Submit your required documents to Rebate4U, and we'll handle your application.

GET YOUR Money BACK

Apply for the rebate and receive thousands in rebates in just weeks with Rebate4U.

FIND OUT IF YOU QUALIFY

We are proud to be working with top Canadian companies

Recent Posts view all posts

The Timeline Homeowners Can Expect for Receiving HST Rebates

For many Ontario homeowners, claiming an HST rebate on home renovations can appear like navigating through a maze. Being aware of when to expect your rebate is crucial in helping plan funding and avoiding surprises. If you're willing to make the process simpler, Rebate4U c...

Read More

How to Claim the HST Rebate for a Home Addition or Expansion

Expanding on your home is a major cost, but not many homeowners know that they can recover significant tax benefits under the HST Rebate on Home Renovations. Ontario homeowners, in particular, can find the rebate a huge offset against additions to their home or home renovation...

Read More
We Are Based

Rebate4U
101-3185 Bathurst St
Toronto ON
M6A 2B2

1-800-610-4510
info@rebate4u.ca

Connect With Us
Error...

Please, enter a valid value

We are sorry...

But the values you entered are invalid

Rebate

In celebration of our 3 year anniversary at Rebate4u Inc, we have decided to reduce our fee structure for all new home and renovation rebates including the New housing rental rebate.  

Don't waste your time looking for anyone else to take care of this because we will not be under sold.
Please fill out the form below or call us at 1-800-610-4510

Please, enter a valid value