Your first-home guide

First-time buyer programs & incentives.

Four different programs. Four sets of rules. Here’s what they do, what to check, and where to find the official details.

Federal savings program

First Home Savings Account

Save toward your first home with tax-deductible contributions and tax-free qualifying withdrawals.

You open an FHSA with a participating financial institution if you meet the age, residency and first-time buyer requirements.
Eligible contributions can generally be deducted from income. Investment growth and qualifying withdrawals are tax-free.
Contribution room starts when you open your first FHSA. Annual, lifetime and carry-forward limits apply; unused room is not unlimited.
A qualifying withdrawal requires specific conditions, including a written purchase or build agreement and an intention to occupy the home. A non-qualifying withdrawal may be taxable.

The first-time buyer tests for opening an account and making a withdrawal are not identical. Check both before moving money.

Confirm with Canada Revenue Agency

Federal withdrawal program

RRSP Home Buyers’ Plan

Use eligible RRSP savings for a qualifying purchase, with repayment obligations over time.

The Home Buyers’ Plan allows eligible buyers to withdraw from their RRSPs without immediate tax, up to the program limit.
You must meet the first-time buyer, residency, purchase agreement and occupancy requirements. Some exceptions apply.
Withdrawn amounts generally need to be repaid to your RRSP over the prescribed repayment period. Amounts not repaid as required are generally included in taxable income.
Recently contributed RRSP funds have special rules. Repayment start dates can depend on the year of withdrawal.

The HBP is not a grant. Build future repayments into your budget. Eligible buyers may use both the HBP and FHSA for the same home.

Confirm with Canada Revenue Agency

Provincial tax refund

Ontario land transfer tax refund

Eligible first-time buyers may receive a refund of part or all of their provincial land transfer tax.

Ontario charges land transfer tax when real estate is acquired. A qualifying first-time buyer can apply for a refund, subject to a maximum.
Eligibility includes age, citizenship or permanent-resident status and prior ownership rules. Ownership anywhere in the world can matter.
Spousal ownership history and the share purchased by each buyer can affect eligibility and the refund amount.
Your lawyer can review whether the refund can be claimed at registration or through a later application within the official deadline.

Being a first-time buyer under one federal savings program does not automatically make you eligible for this refund.

Confirm with Ontario Ministry of Finance

Municipal tax rebate

Toronto land transfer tax rebate

Buying within the City of Toronto? A separate municipal rebate may help eligible first-time buyers.

Toronto has its own municipal land transfer tax, in addition to Ontario’s tax. It applies to properties within the City of Toronto, not every GTA municipality.
An eligible first-time buyer may qualify for a municipal rebate, up to the applicable maximum.
Age, residency status, worldwide prior ownership, spousal history and ownership share can affect the rebate.
Your real estate lawyer should calculate both taxes and confirm eligibility, current caps and application requirements before closing.

A rebate may reduce your tax, not eliminate it. Budget for any amount remaining and confirm the total with your lawyer.

Confirm with City of Toronto

Program details and eligibility can change. Confirm current amounts and rules with official government sources before making decisions.

Count on verified eligibility, not an assumption.

Program maximums are deliberately not quoted here: confirm the current amount directly with the government before building it into your purchase plan. A first-time buyer definition can differ between programs, and your partner’s ownership history may matter. Your lawyer or tax adviser can help review your situation.

Incentives do not replace the funds needed for a deposit, closing costs or an emergency reserve. Discuss when any refund is available and how it affects the cash you need at closing.

Your first home starts with a conversation.

Bring your questions. We’ll start with where you are, not where you think you should be.

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