6 Financial Programs, Grants, Rebates and Tax Credits for Home Buyers

6 Financial Programs, Grants, Rebates and Tax Credits for Home Buyers

Posted: November 23 2022

Buying a home shouldn’t feel like a far-fetched dream! Did you know there are federal and provincial rebates that make buying a home much easier? With a bunch of information on different platforms, we wanted to curate the list of options for you to explore and understand the resources out there for homebuyers.


RRSP Home Buyers’ Plan
Buying a home is an expensive proposition — especially when it’s your first one! The RRSP Home Buyers’ Plan from the Government of Canada helps you with extra funds that could make a difference in your purchase. You can withdraw up to $35,000 from your registered retirement savings plans (RRSPs) to use as a down payment for your home. This grant program also applies to those building a home for a related person with a disability. After borrowing, you have up to 15 years to pay back the funds to your RRSP(s).

First-Time Home Buyer Incentive
The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada. In other words, the government is loaning you money to help increase your down payment, reducing the cost of your mortgage payments. It's kind of like a second mortgage, but with no interest. You need to repay the incentive without penalty after 25 years or when you sell the property — whichever comes first. Check out if you're eligible here.

 First-Time Home Buyers’ Tax Credit
When you purchase your first home, you can apply for the First-Time Home Buyers’ Tax Credit (HBTC) on your tax return! In 2022, the HBTC increased the calculating amount to $10,000, which provides home buyers with a tax credit of up to $1,500. You can read more about the eligibility requirements here.

Home Buyer GST/HST Rebate
If you purchase a newly built home, you may be eligible to recover some of the goods and services tax (GST). A 36% GST rebate of up to $6,300 is available for homes under $450,000. Learn more about the rebate to understand what you would be eligible for!

Canada Mortgage and Housing Corporation (CMHC) Eco Plus
You can get a rebate back for having an energy-efficient home — something we specialize in! This rebate supports the goal to reduce the impact of housing on climate change and the Government’s plan to achieve carbon neutrality by 2050. If you meet their criteria, you can get a partial premium refund of 25%!

Provincial/Municipal (Alberta) 

Edmonton’s First Place Home Ownership Program 
The First Place Home Ownership Program is exclusive for Edmontonians with certain income limitations to help them purchase their first home. The program is designed not only to provide a beautiful new townhome to first-time buyers but to give individuals the opportunity to enter the market with a financial advantage. With First Place, land payments are deferred for the first five years. Learn more about the program here.


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