Every First-Time Buyer Program in Canada, In One Place

The First Home Savings Account (FHSA) lets you contribute up to $8,000 a year, to a $40,000 lifetime limit, with a tax deduction going in and tax-free withdrawals coming out for a first home purchase. It's arguably the single best-designed savings vehicle for a down payment currently available in Canada.

The RRSP Home Buyers' Plan (HBP) lets you withdraw up to $60,000 from your RRSP tax-free for a down payment, repayable over 15 years. Unlike the FHSA, this is a loan from your own retirement savings, not free money — but it can be used on the same purchase as an FHSA withdrawal, and each partner in a couple can use their own HBP room.

Most provinces offer a land transfer tax rebate for first-time buyers — in Ontario, up to $4,000 provincially and up to $4,475 more if buying in Toronto; in BC, a full or partial exemption depending on purchase price. These reduce your closing costs directly, separate from your down payment savings.

Used together — FHSA, HBP, and your province's land transfer tax rebate — these programs can meaningfully change what's realistically achievable for a first purchase. Run your specific numbers through our affordability and land transfer tax calculators, with the first-time buyer option enabled, to see the combined effect.