Government of Canada Programs to Support Homebuyer
Buying your first home is one of the largest purchases you will ever make. Thirty nine percent (39%) of first-time homebuyers incur an unexpected expense during the homebuying process.
First-Time Home Buyers' (FTHB) Tax Credit
The FTHB Tax Credit offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief.
Home Buyers' Plan (HBP)
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.