Buying your first home? Don’t leave money on the table!!

Most first-time buyers I talk to here in Kelowna only know about one of these programs—if any! But there are actually FOUR major incentives available right now in BC, and yes: you can stack them together to maximize your savings.

If you’re preparing to buy your first place, here is the exact game plan you need to know:

• First Home Savings Account (FHSA): Save up to $40,000 tax-free specifically for your first home ($8,000 contribute room per year). Your contributions are tax-deductible (like an RRSP) and your withdrawals are completely tax-free (like a TFSA). It truly is the best of both worlds.

• BC Property Transfer Tax (PTT) Exemption: On a home under $835,000, eligible first-time buyers can pay zero PTT at closing. That keeps up to $8,000 right where it belongs: in your pocket.

• Home Buyers’ Plan (HBP): Withdraw up to $60,000 tax-free from your RRSP to put toward your down payment. If you’re purchasing with a partner who qualifies, that’s up to $120,000 combined.

• First-Time Home Buyers’ Tax Credit (HBTC): Claim a non-refundable $10,000 amount on your tax return for the year you buy, which translates to up to $1,500 in tax relief. It’s super easy to miss, but it’s essentially free money back.

The real magic happens when you layer these programs together, yet so many buyers miss out on combining them.

Because specific eligibility criteria and strict timing rules apply to each one, I always tell my clients to connect with a solid local mortgage broker before getting deep into house hunting. A great broker will break down exactly what you qualify for and help you time every move perfectly. You can also read further into the details of each program in the links above!

If you’re thinking about taking the leap into the local market or just want to chat through your options, drop me a DM! I’m always happy to point you in the right direction.

📌 Save this post—you’ll definitely want to reference it when you’re ready to make your move!