Considering buying your first home?

Did you know the Canadian Government has First Time Home Buyer programs available for you?

First-Time Home Buyer Tax Incentives

https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2023/first-time-home-buyer-tax-incentives.html

First Home Savings Account (FHSA)

• The FHSA is a registered account that could allow you to save for your first home with tax advantages. Contributions are generally tax deductible and withdrawals for the purpose of buying or building a qualifying home are tax-free.

Home Buyers’ Plan (HBP)

• The HBP could allow you to withdraw up to $35,000 from your registered retirement savings plan (RRSP) to buy or build a home for yourself or a related person with a disability. The withdrawal is tax-free if it is paid back within the required timeframe.
• Did you know: You could make withdraw from your FHSA and your RRSP under the HBP for the same home, as long as you meet all of the conditions at the time of each withdrawal.

First-Time Home Buyer’s Tax Credit (HBTC)

• The HBTC could allow first-time home buyers who acquire a home to claim a non-refundable tax credit of up to $1,500.

GST/HST New Housing Rebate

• The GST/HST rebate is available for new home purchases and could reduce upfront costs to help make homeownership more affordable.