First Time Home Buyer's Guide

• Provides a rebate of up to $3,000, equivalent to 18.75% of the provincial portion of the HST paid on a newly constructed home.
• To qualify, you must be a first-time homebuyer who has not owned and occupied a home in Canada in the last 5 years, and the home must be your primary residence.
• Only applies to newly constructed homes, not renovations or conversions from rentals to condominiums.
• You have 24 months from the date of sale or occupancy permit to apply for the rebate.

* The above-mentioned information is subject to change as per government guidelines. We recommend checking the official link (NS – First-time Home Buyers’ Rebate Program) for any latest changes before proceeding with the information.

The First Home Savings Account (FHSA) is a new registered investment account introduced by the Government of Canada to help Canadians save for their first home. Here are the key details about the FHSA in Nova Scotia:

Eligibility:

• Nova Scotia residents must be at least 19 years old (the age of majority in the province) to open an FHSA.
• You must be a Canadian resident and considered a “first-time homebuyer,” meaning you haven’t owned a home in the current year or previous four calendar years.

Contribution limits:

• The annual contribution limit is $8,000.
• There’s a lifetime contribution limit of $40,000.
• Unused contribution room can be carried forward to future years, but only after you’ve opened an FHSA.

Tax benefits:

• Contributions are tax-deductible, similar to an RRSP.
• Any growth or earnings within the account are tax-free.
• Qualifying withdrawals for a first home purchase are tax-free.

Investment options:

• The FHSA can hold various investments, including cash, stocks, bonds, mutual funds, exchange-traded funds, and GICs

Time limits:

• The account can only be open for 15 years.
• You cannot hold an FHSA past the age of 71.

* The above-mentioned information is subject to change as per government guidelines. We recommend checking the official link (First Home Savings Account (FHSA)) for any latest changes before proceeding with the information.

• Eligibility: You must be a first-time homebuyer, which generally means you have not owned a home that you occupied as your principal residence in the last 4 years. There are some exceptions for individuals with disabilities
• Withdrawal Limit: You can withdraw up to $60,000 from your RRSP under the HBP. If you are purchasing with your spouse/common-law partner who is also eligible, they can withdraw up to $60,000 as well, for a combined maximum of $120,000.
• Repayment: The RRSP withdrawal is essentially a loan that must be repaid over 15 years, starting the second year after the withdrawal. Each year, you must repay 1/15th of the total amount withdrawn.
• Process: You must complete Form T1036 to request the HBP withdrawal from your RRSP issuer (bank). The funds must have been in your RRSP for at least 90 days before the withdrawal.
• Deadline: You must provide the RRSP withdrawal to your lender when qualifying for the mortgage. The home must become your principal residence within one year after buying or building it

* The above-mentioned information is subject to change as per government guidelines. We recommend checking the official link (The Home Buyers’ Plan) for any latest changes before proceeding with the information.

• Must be a first-time homebuyer.
• Total household income must be less than $145,000.
• Must be a Canadian citizen or permanent resident residing in Nova Scotia for at least 12 months.
• Must use the property as a principal residence.
• Interest-free loan of up to 5% of the purchase price, with a maximum of $25,000.
• Repayable over 10 years, starting one month after the loan is issued.
• Must be used solely for the down payment, not for closing costs or other expenses.
• Submit a completed application form along with required documents like tax slips, employment verification, mortgage pre-approval, and purchase agreement.
• Applications are processed on a first-come, first-served basis, and applicants are advised to apply at least one week before their financing deadline.

The Down Payment Assistance Program (DPAP) Form.

* The above-mentioned information is subject to change as per government guidelines. We recommend checking the official link (Down Payment Assistance Program) for any latest changes before proceeding with the information.