There are many benefits to take advantage of as a first time home buyer. First time home buyers are eligible for the land transfer tax credit which saves $2000 off the total land transfer tax amount. Also, first time home buyers can withdraw up to $25,000 from an RRSP tax free to go towards the down payment of the new house.
Are you a first time home buyer?
You are considered a first-time home buyer if, in the four year period, you did not live in a home that you or your current spouse or common-law partner owned.
(Even if you or your spouse or common law partner has previously owned a home, you may still be considered a first time home buyer)