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.

Learn more about the Home Buyers' Amount

GST/HST New Housing Rebates

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

Learn more about the GST/HST New Housing Rebates

The Home Buyers’ Plan (HBP)

You may withdraw up to $60,000 from your registered retirement savings plan (RRSP) tax-free to buy your first home.

Learn more about the Home Buyers' Plan

Newly Built Home Exemption

The newly built home exemption reduces or eliminates the property transfer tax on qualifying purchases of a principal residence.

Learn more about the Newly Built Home Exemption

Secondary Suite Incentive Loan Program

Forgivable loans up to $40,000 for homeowners to build and rent an affordable secondary suite at below market rates to increase affordable rental supply.

Learn more about the Secondary Suite Incentive Loan Program

FIRST TIME HOME BUYERS

FIRST TIME 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.

Saving for your first home just got easier. The First Home Savings Account (FHSA) is a type of registered savings plan, designed to help you save for your first home, tax-free and help you reach your vision of owning a home faster!

What is it? Think of it as mixing together a Registered Retirement Savings Plan (RRSP) and Tax Free Savings Account (TFSA) to create a super savings account. Contributions will generally be tax-deductible (like an RRSP) and both the qualifying withdrawal and any investment growth are tax-free (like a TFSA). Therefore, reduce your taxable income and grow your investments tax-free!

Plus, the First-Time Homebuyer Incentive, which allows new owners to lower their monthly payments, has been extended until March 31, 2025.

Learn more about the First Home Savings Account

FIRST TIME HOME BUYERS’ PROGRAM

The first time home buyers' program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.

If one or more of the purchasers do not qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible.

For example, if you acquired 60% interest in the property and another person acquired 40% interest but only you meet the qualifications, only your 60% would receive the exemption.

Learn more about the First Time Home Buyers' Program

FIRST TIME HOME BUYERS’ TAX CREDIT

Do you know you can reduce your income taxes for the year you buy a home? It’s true. If you, your spouse or common-law partner haven’t owned a home that you've lived in, in the past 4 years, or haven’t ever owned one, you may qualify for the First-Time Home Buyers’ Tax Credit (HBTC). It's also called the Home Buyers’ Amount.

Learn more about First Time Home Buyers' Tax Credit