Buying your first home in BC unlocks a handful of federal and provincial programs designed to reduce your closing costs, tax bill, and down-payment burden. Here's every one of them, what they're worth, and where to apply — on one page.
Home Buyers' Amount (federal tax credit) up to $1,500
A non-refundable federal tax credit you claim on Line 31270 of your T1 return for the year you bought. The "amount" is $10,000, which translates to a maximum tax saving of $1,500. Available to anyone who is a first-time buyer (no home owned by you or your spouse in the past 4 years). Also called the First-Time Home Buyers' Tax Credit (HBTC).
RRSP Home Buyers' Plan (HBP) up to $60,000
Withdraw up to $60,000 ($120,000 per couple) tax-free from your RRSP toward a down payment. You must repay it to your RRSP over 15 years, starting in the 5th year after withdrawal (a temporary 5-year grace period applies to withdrawals between 2022–2025). Funds must have been in the RRSP for at least 90 days before withdrawal.
First Home Savings Account (FHSA) $40,000 lifetime
The newest first-time buyer tool: $8,000 annual / $40,000 lifetime contribution limit. Contributions are tax-deductible (like an RRSP) and qualifying withdrawals are tax-free (like a TFSA).
GST/HST New Housing Rebate up to ~$6,300 federal
For new construction or substantially renovated homes. The federal rebate is 36% of the 5% GST paid, capped at homes priced under $350,000 (full rebate) and phased out between $350K–$450K.
First-Time Home Buyer GST Rebate up to $50,000
Announced May 27, 2025, this new federal rebate eliminates the GST on new homes up to $1,000,000 for first-time buyers, and phases out linearly between $1M and $1.5M. Stackable with the existing GST/HST New Housing Rebate. Eligibility: 18+, Canadian citizen or PR, no home owned by you or your spouse in the current or 4 preceding calendar years; one-time-per-lifetime claim; the purchase agreement must be signed on or after May 27, 2025.
BC Property Transfer Tax — First Time Home Buyers' Program up to ~$8,000 saved
Full PTT exemption on the first $500,000 of fair market value until $835,000. Eligibility: Canadian citizen or permanent resident, BC resident for 12 months immediately before registration (or 2 of last 6 tax returns filed in BC), and you've never owned a principal residence anywhere in the world.
BC PTT — Newly Built Home Exemption up to ~$20,000 saved
Separate from the FTHB program — and not restricted to first-time buyers. Full PTT exemption on newly built homes priced up to $1,100,000 (fair market value), with a partial exemption phasing out between $1,100,000 and $1,150,000. Canadian citizens and permanent residents are eligible. Must be used as your principal residence.
Information current as of publication; accuracy and currency are not guaranteed. Confirm with the official sources below or consult a qualified professional.