💰 Financial Tools & Incentives for Home Buyers in BC

Buying a home is a significant financial commitment. Fortunately, several programs and financial tools in Canada can help you reduce costs and plan more effectively. Below, you'll find key incentives and savings plans available to buyers in British Columbia.

🏦 Home Buyers' Plan (HBP)

The HBP allows you to withdraw up to $35,000 from your RRSP to buy or build a qualifying home, tax-free, provided it's repaid over 15 years. This can be a powerful way to utilize your savings without immediate tax implications.

🏠 First Home Savings Account (FHSA)

The FHSA is a tax-free savings account for first-time home buyers. You can contribute up to $8,000 annually, with a lifetime limit of $40,000. Contributions are tax-deductible, and withdrawals for a home purchase are tax-free.

📈 Using RRSPs for Down Payments

RRSPs can be utilized directly via the HBP or saved over time for retirement and flexibility. They lower your taxable income while helping you save. Consult with your accountant or mortgage broker to determine the best strategy for your situation.

📑 GST/HST New Housing Rebate

You may be eligible for a partial rebate of the GST or the federal part of the HST paid on a new home. The rebate amount and eligibility depend on the purchase price and other factors. In British Columbia, a provincial rebate may also be available.

🎓 Compare School Rankings

School districts are a key factor in real estate decisions. Compare schools across BC using trusted data before choosing your neighbourhood.