Government of Canada offers homeownership incentives

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.

Home Buyers' Amount

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 a tax credit for first-time homebuyers in 2009. It represents a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. 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’ Amount webpage.

Home Buyers' Plan

This plan allows you to withdraw up to $35,000 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.

Looking for more homebuying information?

Take a moment to browse through our wealth of homebuying information. You’ll find everything you need, from mortgage calculators, to home hunting worksheets.

• Homebuying Step by Step: Everything you need to buy a home in Canada.
• Condominium Buyer's Guide: This Guide will give you the basic background information you need to figure out if condominium ownership is really for you.
• Financial Information and Calculators: Mortgage information, home buying calculators and government programs for buyers.
• Seniors Housing: Specific details on housing and financial information for people aged 55 and over.
• Newcomers: Everything newcomers to Canada need to know about homebuying.
• Mortgage Loan Insurance for Consumers: Details on costs, qualification requirements, product options, CMHC Green Home and more.
• Accessible and Adaptable Housing: Get more information about housing enabling people of all ages and abilities to stay in their community as long as possible.

CMHC provides mortgage loan insurance. This lets you buy a home with a minimum down payment starting at 5% with interest rates comparable to those with a 20% down payment. Ask your mortgage professional about CMHC.

The information is provided by CMHC for general illustrative purposes only. It doesn’t take into account the specific objectives, circumstances and individual needs of the reader. It does not provide advice, and should not be relied upon in that regard. The information is believed to be reliable, but its accuracy, completeness and currency cannot be guaranteed. Neither CMHC and its employees nor any other party identified in this Article (Lender, Broker, etc.) assumes any liability of any kind in connection with the information provided. CMHC stakeholders are permitted to distribute the materials at their expense. The above mentioned stakeholder organization is responsible for the distribution of this document.