Government of Canada offers Homeownership Incentives

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Government of Canada offers Homeownership Incentives

Post: # 48420Post Flipping4Profit.ca
Sat Jun 22, 2019 12:44 am

Government of Canada offers Home ownership Incentives
Tax credits and other benefits to help you purchase your house

Buying your first home is one of the largest investments of your life. If you plan to buy a home, there are programs offered by the Government of Canada that can help you become a homeowner.

First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive helps first-time homebuyers without adding to their financial burdens. Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada. Visit the First-Time Home Buyer Incentive for more details.

First-Time Home Buyers' (FTHB) tax credit

To assist first-time homebuyers with the costs associated with the purchase of a home, including legal fees, disbursements and land transfer taxes, the Government of Canada introduced the FTHB Tax Credit in 2009. It represents 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. To find out if you are eligible, please visit the Home Buyers’ Credit webpage.

Home Buyers' Plan

This plan 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. Review the Home Buyers' Plan for more information.

GST/HST New Housing Rebate


You may qualify for this rebate allowing to recover part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house. GST/HST New Housing provides all of the details on this rebate.

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