Several federal and provincial programs can meaningfully reduce what you need at closing — here's what each one actually does, and where to apply directly.
Confirm you qualify as a first-time buyer
Most programs require you — and, for the Ontario refund, your spouse — to have never owned a home anywhere in the world. Confirm eligibility before you plan around any of them.
Open your FHSA as early as possible
Contribution room only starts building once the account is open, so opening it early — even with a small deposit — maximizes how much you can shelter before you buy.
Time your RRSP withdrawal carefully
Home Buyers' Plan funds generally need to be in your RRSP for at least 90 days before withdrawal, and repayments start the second year after you withdraw — plan the timing with your lender or a financial advisor.
Let your lawyer apply for the LTT refund at closing
The Ontario refund is applied directly during the closing process, not filed separately afterward — make sure your lawyer knows you qualify.
Contribute up to $8,000 per year, $40,000 lifetime, tax-free toward your first home — deductible like an RRSP going in, tax-free like a TFSA coming out.
Official FHSA page (CRA) →
Withdraw up to $60,000 from your RRSP tax-free to buy your first home, repayable over 15 years — can be combined with a spouse's withdrawal for up to $120,000 combined.
Official Home Buyers' Plan page (CRA) →
Eligible first-time buyers can get back up to $4,000 of the Ontario Land Transfer Tax, applied directly at closing by your lawyer.
Official refund page (Ontario.ca) →
Buy with as little as 5% down on homes up to $500,000 (a blended minimum above that, up to $1.5M) with mortgage default insurance covering the lender's risk.
Official mortgage insurance page (CMHC) →
Book a free consultation with Narges to map out which programs apply to your purchase, or ask HAI for a quick answer.
