08/16/2026
🏡 First‑Time Buyer? There’s More Support Available Than Most People Realize.
Buying your first home isn’t just about saving — it’s about stacking the right programs to boost your cash flow, reduce taxes, and strengthen your down payment.
Here are the 4 biggest tools every Canadian first‑time buyer should know:
1️⃣ First‑Time Home Buyers’ Tax Credit
Claim $10,000, which gives you a $1,500 reduction on your taxes.
It’s non‑refundable, but it still lowers what you owe and improves your cash position.
2️⃣ GST Rebate on New Construction
If you’re buying a new build, you may qualify for a GST refund.
Eligibility depends on the purchase price and the type of home — and the rebate can be worth thousands.
3️⃣ Home Buyers’ Plan (HBP)
Withdraw up to $60,000 from your RRSP tax‑free to use toward your down payment.
You repay it over time, giving you flexibility in your monthly budget.
4️⃣ First Home Savings Account (FHSA)
Contribute $8,000/year up to $40,000 total.
Contributions are tax‑deductible, and withdrawals for your first home are tax‑free.
