Frequently Asked Questions

The Federal Government launched The First Time Home Buyers Incentive program to help Canadians with their first home purchase. With this program you can borrow 5 or 10% of the purchase price of your home which will help you to lower your monthly mortgage payment.

It offers 5% or 10% towards new built house

5% towards existing home or existing or new mobile home 


Home owners can repay after 25 years or when the house gets sold.You can not make partial payments, It has to be paid in full.You will be paying the same percentage that you borrowed, however it will be calculated based on the value of your house at the time of repayment.


You bought a house which is $300000 and you borrowed 5% at the time of purchase which is $15000. If the value of your home increases to $400000, you will be paying back $20000. Same rule applies if the value of your house goes down at the time of repayment you will be paying the 5% of the lowered value of your house.



  • A minimum down payment of 5% is required
  • you have never purchased a home before
  • The qualifying income cannot exceed $120,000, If there is more than one Homebuyer, the combined qualifying annual income shall be no more than $120,000
  • The Homebuyer must be a Canadian citizen, permanent resident or non-permanent resident who is legally authorized to work in Canada.
  • The total borrowing is limited to 4 times the qualifying income. Total borrowing amount is the mortgage amount and incentive combined
  • The combined total of your down payment and the incentive must be less than 20% of the property value
  • Which means your mortgages must be eligible for mortgage loan insurance through Canada GuarantyCMHC, or Genworth.






If you are buying the home for the first time you can claim $5,000 non-refundable tax credit which will give you a Tax Rebate of $750.

How do you know if you are Eligible?

Check Eligibility


With the federal government’s Home Buyers’ Plan, you can withdraw up to $35,000 per person or ($70000 for couple) from your Tax-Free RRSP savings account to help finance the down payment of your first home.

There is no tax on the withdrawal amount as long as you repay it within a 15-year period.

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