What’s the minimum you can put down?

The minimum down payment depends on the purchase price of your property. If it’s $500K or less, the minimum is 5%. If it’s under $1M, it’s 5% of the first $500K and 10% of the remaining value. Over $1M, the down payment must be at least 20% of the price. Your income or credit score may also result in a higher minimum down payment.

More information can be found here: canada.ca/en/financial-consumer-agency/…/down-payment.html

What’s the Home Buyers’ Plan?

The Home Buyers’ Plan allows a first-time home buyer to withdraw up to $35K from their registered retirement savings plan (RRSP), without taxes, specifically for the purpose of using towards a down payment. The withdrawn amount must be repaid within 15 years. To qualify for the Home Buyers’ Plan, your funds in the RRSP must have been deposited for at least 90 days before the time of withdrawal.

More information and forms can be found here: canada.ca/en/.../what-home-buyers-plan.html

What is the tax-free First Home Savings Account?

The First Home Savings Account allows first-time home buyers to save up to $8K annually, up to a lifetime maximum of $40K. Like a TFSA, FHSA investments are non-taxable income, and like an RRSP, the contributions are deductible from income taxes.

More information can be found here: canada.ca/…/design-of-the-tax-free-first-home-savings-account.html