First time home buyers may be eligible for the following programs to help make their home ownership dreams a reality. Please note, home-buyers who previously purchased a home could also be eligible for some of these programs if the new purchase is a result of a spousal buy-out/separation or if you have not lived in your home for several years. 

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First-time Home Buyers Program (HBP) is a program that permits new home buyers to withdraw up to $60,000 from registered investments (eg RRSP, TFSA) without paying taxes on the money. The withdrawn funds must be repaid to your RRSP within 15 years.  

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

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First Home Savings Account (FHSA) is a savings account that allows new home buyers to save for a down payment. The money deposited, income earned from interest, dividends, or capital gains, and withdrawals for the purchase of a home are tax-free. You may contribute up to $8,000/year up to lifetime maximum of $40,000. 

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html

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First-Time Home Buyers Tax Credit (HBTC) is a tax credit for new home buyers. On qualifying homes, new home buyers can claim up to $10,000 on their tax return.

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2022-plan-grow-economy-make-life-more-affordable/first-time-home-buyers-tax-credit.html?utm_source=Canada_dot_ca&utm_medium=Tax_Tip&utm_campaign=No_Signature_Corporate_item+PAB+Housing&utm_content=2023-11-06_0249

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Land transfer tax rebate is a tax rebate offered to first-time home buyers in Ontario, BC, and PEI. This rebate helps to offset the land transfer fees paid at the time of purchase. 

https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers

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