First-time home buyers in Barrie
Programs that grow your down payment and shrink your bill at closing.
- $40,000
- Tax-free in an FHSA
- $60,000
- From your RRSP
- $4,000
- Land transfer tax back
The programs
Use them together: up to $100,000 per buyer from an FHSA and your RRSP.
| Program | What it does | Limit |
|---|---|---|
| First Home Savings Account | Tax-deductible in, tax-free out for your first home | $8,000 a year, $40,000 total |
| RRSP Home Buyers' Plan | Borrow from your RRSP, repay over 15 years | $60,000 |
| Land transfer tax refund | Ontario refunds tax on your first home | $4,000 |
| Home Buyers' Tax Credit | Federal credit on your tax return | $1,500 |
| 30-year amortization | Lower payments on an insured mortgage | 30 years |
Sources: CRA, Ontario Ministry of Finance, CMHC, checked October 2026.
Do you count as first-time?
Probably, even if you've owned before.
- FHSA, RRSP, tax credit
No home of your own in the last four years
- Land transfer tax refund
Never owned a home, anywhere
In order
- Open an FHSARoom starts the year you open it.
- Get pre-approvedKnow your budget first.
- Line up your down paymentFHSA, RRSP, savings, a family gift.
- Claim the creditOn your tax return.
Your land transfer tax
Ontario's tax only; Barrie has none of its own.
You pay at closing
$0
- Ontario land transfer tax
- $0
- First-time buyer refund
- $0
Questions from first-time buyers
Can I use my FHSA and the Home Buyers' Plan together?
Yes. Both can go toward the same home.
How much should I have saved?
The minimum down payment plus closing costs. That's 5% of the first $500,000 and 10% above it, plus land transfer tax after your refund and legal fees.
Can I get a 30-year amortization?
Yes, as a first-time buyer. Lower payments, but 0.20% more on the insurance premium and more interest overall.
Can my parents help with the down payment?
Yes. Most lenders accept a gift from immediate family with a signed gift letter.
Do I need perfect credit?
No. Lenders want to see you pay on time. Tell us early about any bumps.