Home Buyers' Plan

Registered Retirement Savings for down payments

Canada Revenue Agency’s Home Buyers' Plan lets qualifying home buyers use up to $25,000 of their RRSP to buy a home. Couples can use up to $50,000. 

  • The home must be a principal residence
  • The buyers must not have owned a home within the past five years
  • The loan must be repaid with 15 years. 

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Green Home

High ratio mortgages on green properties

CMHC is offering a 10% refund on the Mortgage Loan Insurance premium to qualifying home owners who use CMHC insured financing to buy an energy-efficient home, purchase a house and make energy-saving renovations or renovate your existing home to make it more energy-efficient. You may also be eligible to extend the amortization period (up to a maximum of 30 years) without a premium surcharge.

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First-Time Home Buyers' Tax Credit

This is a non-refundable income tax credit for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation.

You can claim the amount of $5,000 on Line 369 for the purchase of a qualifying home. 

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Prohibition on the Purchase of Residential Property by Non-Canadians Act

As of Jan. 1, 2023, foreign buyers are banned from buying homes in Canada for two years under the Prohibition on the Purchase of Residential Property by Non-Canadians Act. 

Under the act, non-citizens, non-permanent residents and foreign commercial enterprises are banned from buying Canadian residential properties. The act also has a $10,000 fine for anyone who knowingly assists a non-Canadian and is convicted of violating it.

The law does not include recreational properties or larger buildings with multiple units. It exempts individuals with temporary work permits, refugee claimants and international students if they meet certain criteria.

It also excludes homes outside of the Census Metropolitan Areas (CMA) or Census Agglomerations (CA). A CMA has a total population of at least 100,000, of which 50,000 or more live in the core area. A CA has a core population of at least 10,000.

BC Property Transfer Tax (PTT)

Home buyers in BC pay a provincial Property Transfer Tax (PPT) when they buy a home. The tax is charged at a rate of 1% of the fair market value up to and including $200,000, 2% of the fair market value greater than $200,000 and up to and including $2,000,000 and 3% of the fair market value greater than $2,000,000.

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First-time home buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $500,000. There is a proportional exemption for between $500,000 and $525,000. At $525,000 and above the rebate is nil.

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Click here to calculate PTT

GST Rebate on New Homes

New home buyers can apply for a rebate of the GST if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.

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First Home Tax-Free Savings Account (FHSA)

An FHSA combines the features of a Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) . Like an RRSP, contributions would be tax-deductible and qualifying withdrawals to purchase a first home would be non-taxable1, like a TFSA.

However, with an FHSA and unlike the Home Buyers’ Plan, the funds do not need to be paid back.
Key points:

  • Must be 18 yers of age and be a resident of Canada
  • $40,000 - Total lifetime contribution allowed
  • $8,000 - Total yearly contribution allowed
  • 0% tax on the growth (tax free growth)
  • Carry-forward contributions for 1 year allowed - (eg. $5K year 1, and $11K year 2)
    *Carry-forward only works if you open the FHSA account. 


  • No tax on withdrawals if withdrawal is for a first time buyer
  • First time home buyer is the RRSP rules: cannot live in a home that has been owned for preceding 4 years. IE, this program can be used more than once.
  • Must withdraw in the year of purchase, and up to 30 days after possession of home.
  • FHSA ($40K) can be used in conjunction with RRSP Home Buyers Plan ($35K); up to $75K + growth in RRSP + FHSA could be available for a new home buyer.
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