Home Buyer's Plan:
Did you know that qualified home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSPs may be eligible to use the program a second time.
First-time Home Buyer's Tax Credit:
This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or housing corporation shares. The calculation: multiple the lowest personal income tax rate for the year (15% in 2012) x $5,000. For the 2013 tax year, the maximum credit is $750.