Buying your first home is exciting. But it can also feel overwhelming — especially when you're trying to figure out all the programs and incentives available to you. Don't worry. We'll break it all down right here.

First Home Savings Account (FHSA)

This is one of the best tools available to first-time buyers. The FHSA lets you save up to $8,000 per year (up to a lifetime max of $40,000) specifically for buying your first home.

Here's what makes it great:

  • Your contributions are tax-deductible — just like an RRSP.
  • The money grows tax-free inside the account.
  • When you take it out to buy a home, you don't pay any tax on it.

That's basically a triple tax advantage. It's the best deal out there for first-time buyers.

Home Buyers' Plan (HBP)

The Home Buyers' Plan lets you withdraw up to $60,000 from your RRSPs to put toward your first home. If you're buying with a partner who is also a first-time buyer, you can each withdraw $60,000 — that's $120,000 total.

You do have to pay it back over 15 years, but there's no interest. You're basically borrowing from yourself.

First-Time Home Buyers' Tax Credit

When you buy your first home, you can claim a $10,000 tax credit on your income taxes. That puts about $1,500 back in your pocket.

It's not a huge amount, but every bit helps — and it's easy to claim.

Land Transfer Tax Rebates

Some provinces offer rebates on land transfer taxes for first-time buyers. In Alberta, there's no land transfer tax, which is one of the reasons buying here is more affordable than in Ontario or BC.

GST/HST New Housing Rebate

If you buy a newly built home, you might qualify for a rebate on some of the GST you paid. The amount depends on the purchase price, but it can be several thousand dollars.

Who Counts as a "First-Time Buyer"?

You might be surprised. In Canada, you're considered a first-time buyer if:

  • You've never owned a home before, or
  • You haven't owned a home in the last four years

So even if you owned a home years ago, you might qualify again.

There's more help out there than most people realize. The key is knowing what's available — and actually using it.

Bottom Line

If you're buying your first home in Canada, there are real programs that can save you thousands of dollars. The FHSA, Home Buyers' Plan, and various tax credits all add up. And you don't have to figure it out alone.

Apply now and we'll make sure you take advantage of every program you're eligible for.