All the Help Available for First-Time Buyers
Canada offers numerous programs to help first-time buyers. Here's your complete guide.
Federal Programs
First Home Savings Account (FHSA)
- Contribution limit: $8,000/year, $40,000 lifetime
- Tax treatment: Deductible deposits, tax-free withdrawals
- Eligibility: First-time buyer, Canadian resident, 18+
RRSP Home Buyers' Plan (HBP)
- Withdrawal limit: $35,000 per person
- Repayment: 15 years, starting year 2
- Eligibility: First-time buyer status
First-Time Home Buyer Tax Credit
- Amount: $10,000 credit (up to $1,500 tax savings)
- Eligibility: First-time buyer, principal residence
Provincial Programs
Ontario
- Land Transfer Tax Refund: Up to $4,000
- CMHC Insured Mortgage Discount
British Columbia
- First Time Home Buyers' Program: Exemption up to $500K
- BC Home Owner Mortgage & Equity Partnership
Alberta
- No land transfer tax (best in Canada!)
Combining Programs
Maximum benefit example:
- FHSA: $40,000 (+ tax deductions)
- HBP: $35,000 (couple: $70,000)
- FTHB Tax Credit: $1,500
- Provincial rebates: Varies
Frequently Asked Questions
Can I use both FHSA and RRSP HBP?
Yes! You can use both for maximum benefit.
What qualifies as first-time buyer?
Haven't owned a home in the past 4 years.
When should I start planning?
At least 2-3 years before buying to maximize FHSA contributions.
Contact us to maximize your first-time buyer benefits.
Maximize Your Benefits
Get help claiming every rebate and credit you're entitled to
