First Time Home Buyer Programs in Canada

First-time buyers face the hardest version of the market, and also the longest list of government help. Most buyers use one program and leave the rest on the table. The programs stack, and stacking them is the point.

FHSA: the one to open first

The First Home Savings Account combines an RRSP's tax deduction with a TFSA's tax-free withdrawal: $8,000 of contribution room per year to a $40,000 lifetime max, deductible going in, tax-free coming out for a qualifying first home. Even $100 opens the account and starts your room accruing. If you're two or more years from buying, this is the single best savings vehicle available.

RRSP Home Buyers' Plan

Withdraw up to $60,000 per person ($120,000 per couple) from RRSPs tax-free for a first home, repayable over 15 years. It stacks with the FHSA, the combination can put six figures of tax-advantaged money into one down payment.

Land transfer tax rebates

Ontario refunds up to $4,000 of provincial land transfer tax; Toronto adds up to $4,475 on the municipal side. Your lawyer claims both at closing, but only if your file is set up as a qualifying first-time purchase.

30-year insured amortizations

First-time buyers (and buyers of new construction) can take 30-year amortizations on insured mortgages, cutting the monthly payment and lifting maximum buying power meaningfully versus 25 years.

The federal extras

The Home Buyers' Amount is a tax credit worth up to $1,500, and the GST/HST New Housing Rebate returns tax on new builds. Small individually; free collectively.

Sequence beats effort

Open the FHSA early, direct savings there first, plan RRSP timing (funds must sit 90 days before an HBP withdrawal), and structure the purchase to capture every rebate. A first-time buyer call with us is exactly this: your programs, your timeline, your maximum stack, mapped before you start scrolling listings.

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