First-Time Home Buyers’ Tax Credit
The credit allows first-time home buyers to claim an amount of $5,000 on qualifying homes purchased. It’s also available to those who are not first-time home buyers but who are eligible for the Disability Tax Credit when they purchase a more accessible or functional home.
This tax credit allowed families to save on home renovations and for a down payment.
Home Buyers’ Plan
Under the Home Buyers’ Plan Canadians can withdraw from their Registered Retirement Saving Plans (RRSP) for a down payment on their first home. The maximum withdrawal amount is $25,000.