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First Time Home Buyer Programs

There are 3 Government programs available to first time home buyers however, you do not necessarily need to be a first time home buyer to utilize them.

You are considered a First Time Homebuyer If:

  • you have never purchased a home before

  • you did not occupy a home that you or your current spouse or common-law partner owned in the last 4 years (the 4-year period begins on January 1 of the fourth year before the Incentive is funded and ends 31 days before the date the Incentive is funded)

  • you have recently experienced the breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements)



First Time Homebuyers Plan

A program that allows you to withdraw up to $60,000 TAX FREE from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

Do I need to repay the first time homebuyers plan back?

Yes, the minimum requirement to repay is 1/15 each year of the total amount withdrawn. You will indicate in your tax return how much of your total RSP contributions is to repay the HBP.

EX: Withdraw $60,000 / 15years = $4,000/year would have to put back into an RSP.

The repayment used to begin 2 years after however with recent Government Changes (Spring 2024), if you took possession between Jan 1/22 - Dec 31/25 will have 5yrs before they need to start repaying this to their RSP. 

Note: you can only withdraw money that has been in the RSP for at least 90days or you will be taxed on that portion.


First Time Buyers Tax Credit

​In 2009 this program was introduced for first time home buyers and provides a non-refundable tax credit in the year you purchased and title was put in your name. 

To qualify

- you or your spouse or common-law partner acquired a qualifying home; and

- you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or any of the four preceeding years.

- persons with disabilities may also be eligible. Please see the link below to Revenue Canada's website for full details.  

How do I get my credit?

It is entered into your tax return.

Construction Engineer


New Home Builds

First time homebuyers who are putting less than 20% down, have the option to a 30yr amortization (rather than the standard 25yrs). While this would create more interest, it would also reduce the mortgage payment to help first time buyers get going.

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