$40k$150k$300k
The FHSA gives you up to $40k tax-free. The HBP gives you up to $60k from your own RRSP. Add the $1,500 tax credit, the GST rebate, and the new 30-year amortization — and the path to your first home just got cheaper by tens of thousands.
Each program is open right now. Most homeowners use only 1 — leaving tens of thousands on the table.
FHSA $40k + HBP $60k + Tax Credit $1.5k + GST Rebate $6.3k = total government-backed help available to a single first-time buyer in Canada.
Runs the federal stress test (qualify at contract+2% or 5.25%, whichever is higher) and GDS/TDS ratios. Same math your bank runs.
Federal minimums shift at $500,000 and $1,500,000. Below those breakpoints you save tens of thousands.
Land transfer tax can add $5k-$30k to closing. First-time buyer rebates erase most of it — if you live in the right province.
Up to $4,000 LTT rebate · effectively eliminates LTT on homes up to $368k
Most first-time buyers wing it and lose money to fixable mistakes. Run this play instead.
Even with $0 to deposit, opening the account starts your contribution-room clock. Wait a year, you lose $8k of room forever.
Max your FHSA ($8k/yr) and start funneling extra cash into your RRSP for HBP eligibility. Tax refund? Reinvest it.
Pull your credit at Borrowell or Credit Karma. Pay down anything in collections. Get to a 680+ score for best rates.
A broker pre-approval locks today's rate for 120 days and gives you a real shopping budget. Free service · paid by lender.
Make conditional offers (financing + inspection). Budget 3% closing costs · LTT, legal, title insurance, appraisal.
File HBP T1036 forms 90 days before closing. FHSA qualifying withdrawal needs a written agreement. Keys in hand · move in.