1. Land Transfer Tax Rebate
The most overlooked item, and one of the most expensive closing costs. It has to be paid in cash on closing.

Different provinces have different requirements, if you are in Toronto, Ontario, please use the following calculator for exact amount. This amount is reimbursed to you at closing. Land Transfer Tax Calculator

2. RRSP First Time Home Buyers’ Plan

This Plan allows qualified buyers to withdraw up to $25,000 from their RRSPs, tax free. If a family is buying together, and both qualify as first-time buyers, they can withdraw up to $25,000 each for a total of $50,000.

You have 15 years to pay back this loan, first payment is due 2 years after withdrawal.

And you must meet the following criteria
– Be a Canadian resident
– Be considered a first-time homebuyer
– Not have owned a home within the past four years
– Not have lived in a home that your spouse owned within 4 years, if you are now buying together
– Sign a written agreement to buy or build a home
– Intend on living in the home within one year of buying or building it
– Not own the home for more than 30 days, before making the withdrawal
– Close the sale before October 1st of the year after you made the withdrawal

3. First-Time Home Buyers’ Tax Credit
This is personal income tax return benefit, available to first time buyers buying qualified homes. Which works out to be around $750

For a home to qualify, it needs to be
– a new or existing home in Canada
– be under either yours or your spouse’s name
– single, semi-detached, townhouse, mobile home, condo or apartment