Helping First Time Home Buyers
Buying can be Cheaper Than Renting.
Find up-to-date information on the entire process of buying and owning a home in Central Alberta. Maximize your Home Buyer Incentives, Credits and More.
Home Buyer Incentives, Credits and More.
There are several programs available to aid in getting into your first home as an owner. Some Of these are:
The First-Time Home Buyer Incentive
Eligible first-time homebuyers with the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada.
The Home Buyers’ Amount
The Home Buyers’ Amount offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. For an eligible individual, the credit will provide up to $750 in federal tax relief.
Home Buyers' Plan (HBP)
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home
The First-Time Home Buyer Incentive
The Incentive Program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.
The Home Buyers’ Amount
You can claim up to $5,000 for the purchase of a qualifying home in the year if both of the following apply:
- you (or your spouse or common-law partner) acquired a qualifying home
- you did not live in another home owned by you (or your spouse or common-law partner) in the year of the acquisition or in any of the four preceding years (first-time home buyer)
Home Buyers' Plan (HBP)
The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. The HBP allows you to pay back the withdrawn funds within a 15-year period.
You can withdraw funds from more than one RRSP as long as you are the owner of each RRSP account. Your RRSP issuer will not withhold tax on withdrawn amounts of $35,000 or less.
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