What's available federally
- FHSA (First Home Savings Account): contribute up to $8,000/yr, $40,000 lifetime, tax-deductible on the way in, tax-free on the way out for a first home.
- RRSP Home Buyers' Plan: withdraw up to $60,000 (post-2024 limit) from your RRSP for a first home, repay within 15 years.
- Federal First-Time Home Buyer Tax Credit: up to $1,500 (refundable).
- 30-year insured amortization for first-time buyers of newly built homes (2024 rule).
What's available provincially
- BC Property Transfer Tax exemption: full exemption up to $500k, partial to $525k.
- Ontario Land Transfer Tax rebate: up to $4,000 provincial + $4,475 Toronto MLTT.
- PE Real Property Transfer Tax exemption: full exemption up to $200k.
Stack carefully
You can combine FHSA + RRSP HBP — that's up to $100k available toward a first down payment.
What to do first
Calculate your land transfer tax with the first-time buyer rebate applied, and run affordability to see your maximum purchase price under current rules.
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