First Time Buyers

Home Buying Programs and Incentives in Canada

The Government of Canada provides various programs and incentives to assist homebuyers. These initiatives can help make purchasing a home more affordable. Here are some key programs:

Home Buyers’ Amount

You may qualify for a non-refundable tax credit of up to $1,500.

GST/HST New Housing Rebates

You might be eligible for a rebate on some of the taxes paid when buying your home.

Home Buyers’ Plan (HBP)

You can withdraw up to $35,000 from your Registered Retirement Savings Plan (RRSP) tax-free to buy your first home. Starting April 16, 2024, this limit increases to $60,000.

Learn more about these home buying programs and find out if you’re eligible.

First Home Savings Account (FHSA)

You can save up to $40,000 tax-free to purchase a home, with an annual contribution limit of $8,000.

Learn more about the First Home Savings Account.

Provincial and Territorial Programs

Your provincial or territorial government may offer additional home buying programs and incentives. Contact them to learn more about these opportunities.

Explore these programs to see if you qualify and make your home buying journey smoother.

First-time buyers may be eligible for a rebate of the provincial and municipal (Toronto) land transfer taxes, to a maximum of $4,000 of the payable provincial land transfer tax and $4,475 of the payable municipal land transfer tax (Toronto), respectively.

Contact your provincial or territorial government to learn more about their programs.