First Home Savings Account (FHSA)
The FHSA is a tax-free way to save for your first home. It combines the best features of an RRSP and a TFSA.
Annual Limit: $8,000
Lifetime Limit: $40,000
Tax Benefit: Contributions are tax-deductible, and withdrawals are tax-free. Use this account to grow your down payment faster without the government taking a cut.
RRSP Home Buyers’ Plan (HBP)
The HBP lets you withdraw from your RRSP to buy or build a qualifying home.
Grace Period: You now have 5 years before your first repayment is due. This is an interest-free loan from your own savings to get you into the market sooner.
Withdrawal Limit: $60,000 per person.
Repayment: You have 15 years to pay it back to your RRSP.
Property Transfer Tax Exemption
In BC, first-time buyers can save thousands at closing.
Full Exemption: For homes priced up to $835,000.
Max Savings: Up to $14,700 kept in your pocket.
New Builds: Higher exemptions are available for newly constructed homes up to $1.1 million. We ensure you qualify for every available rebate to keep your closing costs low.
