First time Home Buyers Incentives

 

HOME BUYING PROGRAMS AND INCENTIVES

The Government of Canada offers home buying programs and incentives for homebuyers. These can help you purchase your home. The programs and incentives include the following:

 

THE HOME BUYERS’ AMOUNT

You may be eligible to receive a non-refundable tax credit of up to $1,500.

 

GST/HST NEW HOUSING REBATES

You may be eligible for a rebate for some of the tax you pay when buying your home.

 

THE HOME BUYERS’ PLAN (HBP)

You may withdraw up to $35,000 from your registered retirement savings plan (RRSP) tax-free to buy your first home.

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

 

THE FIRST-TIME HOME BUYER INCENTIVE

You may receive 5% or 10% of your home’s purchase price for a down payment.

Learn more about the First-Time Home Buyer Incentive.

 

 

THE FIRST HOME SAVINGS ACCOUNT (FHSA)

You may be eligible to save up to $40,000 tax-free to buy a home with an annual contribution limit of $8,000.

Learn more about the First Home Savings Account.

 

SHARED EQUITY HOMEOWNERSHIP

In shared equity arrangements, a home buyer and shared equity investment provider will both invest in a property and share the potential rewards and risks associated with an increase or decrease in the value of that property over time.

If you are looking to purchase a home to live in, shared equity arrangements could help you get into the housing market sooner by increasing your down payment.

Download Shared Equity Plan Brochure here

 

 

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