10/07/2026
๐Check out this month's blog, our listings and lots of helpful real estate info at callcliff.ca
๐ ๐๐ฎ๐ป ๐ฌ๐ผ๐ ๐๐ฒ ๐ฎ ๐๐ถ๐ฟ๐๐-๐ง๐ถ๐บ๐ฒ ๐๐ผ๐บ๐ฒ ๐๐๐๐ฒ๐ฟ ๐ง๐๐ถ๐ฐ๐ฒ?๐
Think โfirst-time home buyerโ means youโve never owned a home? Not necessarily.
For many federal programs, you may qualify again if you havenโt lived in a home you owned during the current year or the previous four calendar years. That means past homeownership doesnโt automatically disqualify you.
๐๐บ๐ฝ๐ผ๐ฟ๐๐ฎ๐ป๐ ๐ฃ๐ผ๐ถ๐ป๐๐
โขYou can regain first-time buyer status. If you meet the four-year rule, you may qualify even if you owned a home before.
โขYour partnerโs history matters. A spouse or common-law partnerโs recent homeownership can affect your eligibility.
โขHomes outside Canada count. Previous ownership abroad may also affect your status.
โขProvincial rules can differ. You may qualify for federal programs but not every provincial rebate.
โขYou can combine incentives. Eligible buyers may be able to use both the FHSA and Home Buyersโ Plan for the same purchase.
๐๐ผ๐ ๐๐ต๐ฒ ๐๐ผ๐๐ฟ-๐ฌ๐ฒ๐ฎ๐ฟ ๐ฅ๐๐น๐ฒ ๐ช๐ผ๐ฟ๐ธ๐
For many federal programs, the CRA generally considers you a first-time home buyer if you did not live in a home you owned or jointly owned during the current calendar year or the previous four calendar years.
Your eligibility can also be affected by your spouse or common-law partnerโs ownership history, including a qualifying home outside Canada.
๐๐ถ๐ฟ๐๐-๐ง๐ถ๐บ๐ฒ ๐๐ผ๐บ๐ฒ ๐๐๐๐ฒ๐ฟ ๐ฃ๐ฟ๐ผ๐ด๐ฟ๐ฎ๐บ๐
If you qualify, several programs can help make buying a home more affordable:
๐๐๐ง๐จ๐ฉ ๐๐ค๐ข๐ ๐๐๐ซ๐๐ฃ๐๐จ ๐ผ๐๐๐ค๐ช๐ฃ๐ฉ (๐๐๐๐ผ): Contribute up to $8,000 per year, to a lifetime maximum of $40,000, with tax-deductible contributions and tax-free withdrawals for a qualifying home.
๐๐ค๐ข๐ ๐ฝ๐ช๐ฎ๐๐ง๐จโ ๐๐ก๐๐ฃ (๐๐ฝ๐): Withdraw up to $60,000 from your RRSP to buy or build a home, subject to repayment requirements.
๐๐ค๐ข๐ ๐ฝ๐ช๐ฎ๐๐ง๐จโ ๐ผ๐ข๐ค๐ช๐ฃ๐ฉ: Eligible buyers can claim up to $10,000 when filing their federal income tax return, creating a non-refundable tax credit.
๐๐๐ ๐๐๐๐๐ฉ๐ ๐๐ค๐ง ๐๐๐ฌ ๐๐ค๐ข๐๐จ: Eligible first-time buyers purchasing qualifying new homes may be eligible for a federal GST rebate of up to $50,000, subject to purchase price and other requirements.
๐๐ฎ๐ป ๐ฌ๐ผ๐ ๐๐ผ๐บ๐ฏ๐ถ๐ป๐ฒ ๐๐ต๐ฒ ๐๐๐ฆ๐ ๐ฎ๐ป๐ฑ ๐๐๐ฃ?
Yes. If youโre eligible, you can use both an FHSA withdrawal and an HBP withdrawal for the same home, potentially giving your down payment a significant boost.
๐ช๐ต๐ฎ๐ ๐๐ฏ๐ผ๐๐ ๐ฃ๐ฟ๐ผ๐๐ถ๐ป๐ฐ๐ถ๐ฎ๐น ๐ฅ๐ฒ๐ฏ๐ฎ๐๐ฒ๐?
Federal and provincial definitions arenโt always the same. Some provincial land transfer tax programs have stricter requirements, including rules that may exclude anyone who has owned a home before.
๐๐ผ๐๐๐ผ๐บ ๐๐ถ๐ป๐ฒ: Owning a home in the past doesnโt necessarily mean youโve lost your first-time buyer status forever. Before ruling yourself out, check the specific requirements for each program youโre considering.
๐ฝ๐๐๐ ๐๐ฃ๐๐ ๐ฅ๐ ๐๐๐ง๐ ๐๐ ๐ ๐๐๐๐ 416-909-6497 ๐๐๐ ๐ ๐จ๐ ๐ฆ๐๐ ๐๐ ๐๐๐ก๐ก๐ช ๐ฅ๐ ๐๐๐๐ก ๐ช๐ ๐ฆ ๐ฆ๐๐๐๐ฃ๐ค๐ฅ๐๐๐ ๐จ๐๐๐๐ ๐๐๐๐๐๐ฅ๐๐ง๐๐ค ๐๐๐ช ๐๐ก๐ก๐๐ช ๐ฅ๐ ๐ช๐ ๐ฆ๐ฃ ๐ค๐๐ฅ๐ฆ๐๐ฅ๐๐ ๐ ๐๐๐ ๐๐ฆ๐๐๐ ๐ช๐ ๐ฆ ๐ฅ๐๐ฃ๐ ๐ฆ๐๐ ๐ฅ๐๐ ๐๐ฆ๐ช๐๐๐ ๐ก๐ฃ๐ ๐๐๐ค๐ค.
