First-Time Home Buyer Grants and Incentives in Canada 2026 — Expert Review & Analysis Report 2026

You can transfer the entire FHSA balance to your RRSP or RRIF tax-free without using RRSP contribution room. You must close the FHSA by the earlier of 15 years after opening or the year you turn 71.

Yes. CRA defines first-time buyer as someone who has not owned a home in the year of account opening or withdrawal and the 4 preceding calendar years. If you last owned a home 5 or more years ago, you are eligible.

Open an FHSA. Unlike TFSA, FHSA contributions are tax-deductible and withdrawals are tax-free for home purchase. TFSA withdrawals are also tax-free but contributions are not deductible. Use TFSA only after maxing FHSA.

Starting in the second year after withdrawal, contribute the annual minimum (1/15 of total withdrawn) to your RRSP and designate it as an HBP repayment on your tax return via Schedule 7. Missed repayments are added to taxable income.

British Columbia offers the most generous provincial support with full property transfer tax exemption saving up to $8,000 on homes under $835,000. Ontario is strong for land transfer tax rebates, especially in Toronto where combined provincial and municipal rebates reach $8,475.