FIRST PURCHASE · UPDATED 2026
Savings programs, tax credits, the GST rebate and mortgage rules verified against government sources.
Eligibility depends on your situation, spouse or partner, property and transaction date. Confirm the conditions before including a benefit in your budget.
Your participation room is $8,000 in the first year you open an FHSA, with a $40,000 lifetime limit. Contributions are generally deductible. A qualifying home-purchase withdrawal is tax-free and does not have to be repaid.
Official FHSA information →Withdraw up to $60,000 from your RRSP for a qualifying home without tax withheld. The amount is normally repaid over 15 years. The HBP and FHSA can be used for the same property when all conditions are met.
See the HBP →A maximum non-refundable amount of $10,000 may be claimed. For the 2026 tax year, the 14% federal rate generally means a tax reduction of up to $1,400.
See the federal amount →The Québec tax credit can provide up to $1,400 for a qualifying home. Eligible co-buyers must share the maximum amount for the same property.
See the Québec credit →On a new or substantially renovated home, an eligible first-time buyer may recover up to 100% of the federal GST on a value up to $1 million, to a maximum of $50,000. The rebate is phased out between $1 million and $1.5 million.
See the GST rebate →First-time buyers may qualify for a 30-year amortization on an insured mortgage. It can reduce monthly payments but generally increases total interest over the life of the loan. The insured-mortgage price cap is $1.5 million.
See the mortgage rules →I can help you organize the steps and the questions to ask your lender and tax professional.