Calgary buyers can benefit from several federal incentive programs.
The Home Buyers’ Plan (HBP) lets you withdraw up to $35,000 (recently increased to $60,000 in some Royal LePage materials) from your RRSP to help with your purchase. This must be repaid within 15 years.
The new First Home Savings Account (FHSA) allows tax-deductible contributions up to $40,000 and tax-free withdrawals for a home purchase. Though the First-Time Home Buyer Incentive (shared equity with Canada’s government) has closed to new applicants as of March 31, 2024, you can still claim the Home Buyers’ Amount, a non-refundable tax credit of up to $10,000 (roughly $750 in tax savings).
Meanwhile, if your purchase is a new home, you may qualify for a GST/HST new housing rebate.