Here is some useful info in regard to making your first home purchase, as you will be eligible for a few different government programs.
1. RRSP contribution/ withdrawals for first-time Canadian home purchasers - Withdraw up to $35,000 (interest-free) from your RRSP without penalty. If you have not yet contributed and plan on using this HUGE tax benefit, you will have to keep the money in the account for 90 days, so the sooner you contribute the better. Even if you have money to put your downpayment now on a purchase, and you have room for contribution to the RRSP you should consider putting it into the RRSP first then withdraw it in 3 months (minimum time requirement for deposit to be in the account.) This contribution allows you to write off the contribution off of your current years income.
The Home Buyers’ Plan (HBP)
allows you to withdraw up to $35,000 from your RRSP to purchase or construct a new home. Your spouse or partner spouse or partner may also be able to withdraw $35,000, for a combined total of $70,000. You generally will not qualify for an HBP withdrawal if either you or your spouse or partner has owned a home in the past five years and occupied it as a principal residence. You can also participate in the HBP if you are not a first-time homebuyer, provided you were living separately and apart from your spouse or partner for at least 90 days as a result of a breakdown in your marriage or partnership. Amounts withdrawn under the HBP must be repaid over a maximum of 15 years or the amount not repaid in a year is added to your income for that year. Until funds that were borrowed are repaid into the RRSP, you would forfeit any potential growth on the withdrawn funds. Since it may be over 15 years before you are required to fully repay funds under the HBP, this could have a serious impact on your retirement savings, if you otherwise weren’t saving. It, therefore, generally makes sense to repay the borrowed funds as soon as possible. There are no penalties for returning HBP funds to an RRSP before the required repayment date, so early repayment allows you to continue to maximize the tax benefits from investing within an RRSP as soon as possible. Ensure the funds are in the account for at least 90 days to qualify for the program.
2. Land Transfer tax rebate - $4000 at closing
http://www.fin.gov.on.ca/en/refund/newhome/
**** for quick reference I usually use this link for calculating
http://www.landtransfertax.com/
First-time home buyers tax credit- $4000 non-refundable tax credit.
http://actionplan.gc.ca/en/initiative/first-time-home-buyers-tax-credit