Beyond the FHSA and the Home Buyers' Plan, there are two credits and rebates that put real money back in a first-time buyer's pocket. They're easy to miss because you claim them after you buy — so plan for them now.

The First-Time Home Buyers' Tax Credit (HBTC)

When you buy your first home, you can claim $10,000 on line 31270 of your tax return for that year. It's a non-refundable federal credit worth up to $1,500 back (15% of $10,000). You don't need receipts for it — you just have to qualify as a first-time buyer.

  • You (or your spouse/partner) generally can't have owned a home you lived in during the last four years.
  • A couple can split the claim, but the combined total can't exceed the $10,000 amount.
  • Claim it on the tax return for the year you take ownership — don't leave it on the table.

The new First-Time Home Buyers' GST rebate (new builds)

If you're buying a brand-new home (not a resale), a federal rebate can now refund the GST for eligible first-time buyers:

  • Up to $50,000 — a 100% GST rebate on qualifying new homes priced $1 million or less.
  • A partial rebate phases out between $1 million and $1.5 million.
  • No rebate above $1.5 million, and it doesn't apply to resale homes.
  • It's often credited by the builder at closing, or claimed from the CRA afterward. Rules and dates apply, so confirm eligibility.

Your move

Budget as if you'll pay the full cost up front, then treat the HBTC (and any GST rebate) as money that comes back later. Ask your broker or accountant which ones apply to your purchase — always confirm current amounts on canada.ca.