Federal Government Programs
Tax-free savings account or TFSA allows you to save money in an account, free of tax. The savings you grow there can be used to renovate or purchase a house. Get more info here.
The Home Buyers’ Plan or HBP allows tax-free withdrawals, providing you meet some qualifying criteria, from the registered retirement savings plans to either build or to purchase a qualifying home. Get more info here.
Ontario Government Programs
Land Transfer Tax Refund for First-time Homebuyers: If you (or your spouse) haven’t owned a home before, this refund has a maximum of $2,000. You can claim this amount at registration and offset some (or sometimes all) of the Land Transfer Tax due. Certain criteria apply and more info is available here.