Up To $75,000 Down Payment Help

First-time home buyers in Canada can take advantage of several incentives and programs in 2025, including tax credits, savings plans, rebates, and shared-equity initiatives designed to make buying a home more affordable.

Key Incentives and Programs

• First Home Savings Account (FHSA):
• Tax-deductible contributions, tax-free growth, and tax-free withdrawals for first home purchase. Annual contribution limit: $8,000; Lifetime maximum: $40,000 per individual. No repayment required if funds are used to buy a qualifying home.
• Home Buyers’ Plan (HBP):
• Withdraw up to $60,000 per individual (increased from $35,000 in 2024) from an RRSP to buy or build a home, tax-free. Amount withdrawn must be repaid to the RRSP within 15 years to avoid tax penalties.
• First-Time Home Buyer Tax Credit (HBTC):
• Non-refundable federal tax credit of up to $1,500 (15% of $10,000) per qualifying home. Can be split between spouses or common-law partners but combined total is capped at $1,500. Available to those who have not owned a home in the past four years (or persons with disabilities).
• Land Transfer Tax Rebates:
• Provincial and municipal rebates are available in certain jurisdictions such as Ontario (up to $4,000), Toronto, and other select cities.
  • GST/HST New Housing Rebate:
  • Partial rebate of GST or HST paid on new or substantially renovated homes for eligible buyers.
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