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Planning on buying your first home? If so, we’ve got great news for you. The Federal and Provincial Governments want to make home ownership as easy as possible for Canadians and have introduced various incentives and tax credits for first-time home buyers.

Some of the most notable programs in place are the First-Time Home Buyer Incentive and the Home Buyers’ Plan (HBP). The First-Time Home Buyer Incentive program allows you to borrow 5% or 10% of the purchase price, allowing you to pay back the same percentage when you sell the home or within the next 25 years.

On the other hand, the Home Buyers’ Plan (HBP) is a program which allows you to withdraw up to $35,000 from your Registered Retirement Savings Plans (RRSPs) to buy or build a home. Despite the name, this program also requires that you are a first-time home buyer. The withdrawn funds will need to be paid back within a 15-year period. Additionally, Quebec home buyers can also benefit from two non-refundable tax credits: the $750 Quebec Home Buyers’ Amount and the $626 Canada Home Buyers’ Amount. Looking to build your first home? Let us talk you through the steps.