Federal

Government of Canada

Website: Canada.gc.ca

 

First-Time Home Buyers' (FTHB) Tax Credit

The costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes, can be a particular burden for first-time homebuyers who must pay these costs, as well as save money for a down payment. To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a FTHB Tax Credit in 2009 — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief starting in 2009.  

For additional information: www.cra-arc.gc.ca/gncy/bdgt/2009

 

Home Buyers' Plan (HBP)

To provide first-time homebuyers with greater access to their RRSP savings to purchase or build a home, the Government of Canada has increased the Home Buyers’ Plan withdrawal limit to $25,000 from $20,000 per person for withdrawals made after January 27, 2009. To obtain more information on the First-Time Home Buyers’ Tax Credit and the Home Buyers’ Plan, call 1-800-O-Canada or visit the Canada Revenue Agency website at http://www.cra-arc.gc.ca/E/pub/tg/rc4135/rc4135-e.html

 

 

Canada Mortgage & Housing Corporation (CMHC)

Website: www.cmhc.ca

 

CMHC Proposal Development Funding (PDF)

Proposal Development Funding (PDF) loans help with the up-front expenses incurred during the process of developing an affordable housing project proposal. A PDF loan enables housing proponents to carry out the activities required to bring their proposal to the point where they can apply for mortgage financing. Proposal Development Funding (PDF) provides repayable interest-free loans to facilitate the development of affordable housing. Loans of up to $100,000 are available for affordable housing project proposals by non-profit or private sector proponents who can demonstrate that their intended housing project is affordable. PDF loans will be repayable if the proposed project succeeds. A portion of the PDF loan may be forgiven, if the proponent is successful in adding to the stock of affordable housing, based on CMHC's affordability criteria.

For additional information and application www.cmhc.ca search for:  Proposal Development Funding

 

Financial Assistance for Homeowners:

CMHC provides 75% financing for Residential Rehabilitation Assistance Programs (RRAP), Home Adaptations for Seniors’ Independence (HASI), and Emergency Repair Programs (ERP). The provinces contribute 25%. In Saskatchewan, these programs are delivered by Saskatchewan Housing Corporation. Program descriptions and application information can be found in the Provincial section of this document.

 

Renovation Programs Pre-Application Tool

Use this tool to obtain information specific to your geographic area and find out if you would be eligible to apply for financial assistance through CMHC’s renovation programs for low-income households.

For additional information: www.cmhc.ca search for: pre application tool

 

Financial Assistance for Multi-Unit Projects:

CMHC provides 75% financing for Residential Rehabilitation Assistance Programs (RRAP). The provinces contribute 25%. In Saskatchewan, these programs are delivered by Saskatchewan Housing Corporation. Program descriptions and application information can be found in the Provincial section of this document.

 

Shelter Enhancement Program (SEP)

Financial assistance to assist in the repair, rehabilitation and improvement of existing shelters, and to assist in the acquisition or construction of new shelters and second-stage housing for victims of family violence.

For additional information: www.cmhc.ca search for: SEP

 

 

Energy-Efficient Housing Made More Affordable with Mortgage Loan Insurance

CMHC has added environmentally friendly features to the Mortgage Loan Insurance it offers. If you use CMHC insured financing to buy an energy-efficient home, purchase a house and make energy-saving renovations or renovate your existing home to make it more energy-efficient, a 10% refund on the Mortgage Loan Insurance premium may be available. You could also have the added flexibility of a longer amortization (the period of time required to repay your mortgage) from 25 years to a maximum of 35 years for loan-to-value ratios in excess of 80% (or 40 years for loan-to-value ratios of 80% or less), significantly reducing your monthly payments.
For additional information: www.cmhc.ca  search for: mortgage loan insurance