Nova Scotia Down Payment Assistance Prince Edward Island Down Payment Assistance Newfoundland and Labrador Down Payment Assistance Northwest Territories Down Payment Assistance Nunavut Down Payment Assistance Be sure to talk to your Bank or Mortgage Broker and get all your questions answered. What Is Down Payment Assistance? Down payment assistance programs can come in multiple forms, including grants, rebates, tax-free or interest-free loans. Additionally, other programs can help you save for a down payment through tax credits. The majority of these programs are for first-time home buyers. However, if you are a person with a disability, you don’t have to be a first-time home buyer as long as you are buying the property to use as your primary residence.
Different Types of Down Payment Assistance
Fortunately, federal and provincial down payment assistance programs exist to support first-time homebuyers with limited income. You may not have heard about these programs or know how they work, but if you are serious about buying a house, it’s worth investigating and seeing what benefits they may hold. If you are currently saving for a down payment, several options are available. For instance, specialized savings accounts and provincial down payment assistance programs that provide down payment loans. Moreover, after you’ve purchased a home, tax credits and rebates can help put money back into your pocket. Under the Home Buyers’ Plan (HBP), you may borrow up to $60,000 tax-free from your RRSP (Registered Retirement Savings Plan) to fund your down payment. If you plan to purchase a home with a partner who is also a first-time purchaser, you can each borrow up to $60,000, or $120,000 combined, tax-free.
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