Homeownership is sometimes viewed by those looking to enter the market as expensive and rife with hidden costs. However, owning a home shouldn’t be a scary experience, as there are many grants designed to help Ontario homeowners.
What many potential buyers and current owners don’t realize is that there are a lot of different grants designed specifically for them in Ontario. Whether to assist in buying a first home, help with energy costs or make a renovation possible, there’s grants for almost anyone who either already owns or is entertaining the idea of buying a home.
The First Time Home Buyers’ Tax Credit can give buyers a tax credit relief of up to $5,000 from the federal government and applies to first time home buyers and anyone with a disability buying a home that has special conditions to help them with their disability.
The RRSP Home Buyer’s Plan is another great way to enter homeownership. Facilitated by the federal government, it allows first-time home buyers to withdraw up to $25,000 in a calendar year from their RRSP to help finance the downpayment on the home. The advantage to using the Home Buyer’s Plan is that the withdrawal is not taxable so long as it is repaid within 15 years.
For current homeowners, there are a number of options we recommend. Through the Save on Energy program, qualified owners can receive a rebate up to $600 on a new ENERGY STAR® certified central air conditioner. Enbridge also offers its customers a $100 rebate if they purchase and install a qualifying Smart thermostat.
Other options include free winter proofing for some homes built before 1980 or a rebate of up to $5,000 through Union Gas’ Home Reno Rebate.