What is the first-time homebuyer tax credit?
Oct 2021 – 15 min read
The first-time homebuyer’s tax credit (HBTC) is a non-refundable income tax credit.
It’s available to all eligible taxpayers in Canada who buy a property that falls under the government’s guidelines.
This credit can be used with other rebates and incentives to make first-time homeownership more affordable.
Can I claim any other tax credits or incentives?
There are other rebates and incentivesOpens in a new window available to first-time buyers, including:
The First-time homebuyer incentive (FTHBI)
This government program offers eligible first-time buyers a shared equity loan of up to 10%.
First-time homebuyer land transfer tax
Depending on where you buy, you could receive a full or partial land transfer tax rebate.
GST/HST New Housing Rebate
You may be able to claim a provincial or federal tax rebate.
RRSP Homebuyer Plan
With this federal plan, you can borrow money from your RRSP towards the purchase of your first home.
Speak to your advisor or accountant if you think you might be eligible for the HBTC. If you’re still in the planning stages of owning your own home, a Credit Planning Consultant (CPC) can help you understand your mortgage optionsOpens in a new window - Opens in a new window.
The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.