GOVERNMENT HOMEOWNERSHIP INCENTIVES

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A first home savings account (FHSA) is a registered plan which allows you, if you are a first time home buyer, to save to buy or build a qualifying first home tax-free (up to certain limits).

This plan 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 for yourself or for a related person with a disability.

To assist first-time homebuyers with the costs associated with the purchase of a home, including legal fees, disbursements and land transfer taxes, the Government of Canada introduced a tax credit for first-time homebuyers. It represents 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. 

You may qualify for this rebate allowing to recover part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house.

You may be entitled to this tax credit if you were a resident of Quebec on December 31 of the year covered by the claim and you meet the Government of Québec's eligibility requirements.