Take advantage of the Home Buyers' Plan (HBP): The HBP is a program that allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) tax-free to use towards the purchase of their first home. However, this amount must be paid back into the RRSP within 15 years. Claim the First-Time Home Buyers' Tax Credit (HBTC): This is a non-refundable tax credit of up to $10,000 that can be claimed by first-time homebuyers to help offset the costs... [read more]

First-Time Home Buyers’ Tax Credit (HBTC)   First-Time Home Buyers' Tax Credit (HBTC) – Updates and Changes for 2022 and Beyond   Introduction The First-Time Home Buyers' Tax Credit (HBTC) is a non-refundable tax credit aimed at assisting first-time homebuyers in purchasing a qualifying home. The Canadian government has proposed changes to the HBTC for 2022 and subsequent taxation years, increasing the amount used to calculate the tax credit to... [read more]