Whether you’re a first-time homebuyer or looking to upgrade, taking advantage of government programs can help you save money when buying a home in Canada. With the right information and advice, you can find programs that can help with everything from down payment assistance to tax breaks.

1. Down Payment Assistance

If you’re a first-time homebuyer, you may be able to apply for down payment assistance. For example, the Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 from your Registered Retirement Savings Plan (RRSP) to purchase a home. You can even use the funds to purchase a second home in some cases.

2. Grants and Rebates

Your provincial or territorial government may also offer grants and rebates to help you purchase a home. For example, the Land Transfer Tax Rebate for First-Time Homebuyers in Ontario caps the amount of Land Transfer Tax you have to pay on the purchase of your first home.

3. Tax Breaks

The Canada Revenue Agency (CRA) offers tax breaks for homebuyers, including the Home Buyers’ Tax Credit (HBTC). This program gives first-time homebuyers a non-refundable tax credit of up to $750 to offset the costs associated with buying a home.

4. Mortgage Insurance

If you’re unable to make a 20% down payment on your home, you may be able to apply for mortgage insurance. The Canada Mortgage and Housing Corporation (CMHC) offers mortgage insurance that can help protect lenders in the event of a default. This insurance can also help you get a lower interest rate on your loan.

5. Research and Ask Questions

When considering a home purchase, it’s important to do your research and understand the programs available to you. Talk to a financial advisor or mortgage broker to get advice on which programs you may be eligible for.

With the right information, you can take advantage of government programs to help make the process of buying a home in Canada easier. From down payment assistance to tax breaks, these programs can help you save money and make the home-buying process a bit less stressful.