7 Must-Know Programs for First-Time Home Buyers in Canada | Save Thousands on Your First Home

Video Description

Buying your first home in Canada can feel overwhelming — GST rebates, land transfer tax, FHSA, RRSP Home Buyer’s Plan, mortgage insurance, closing costs… the list goes on. In this video, Cherry Chan, CPA, breaks down EVERY major incentive available to first-time home buyers in Canada, including new updates to the 5% federal GST rebate on new builds and the upcoming Ontario HST rebate. 👉 You’ll discover: ✅How to qualify as a first-time home buyer (even if you owned a home before!) ✅The NEW federal 5% GST rebate on new homes ✅Ontario's proposed 8% rebate for new-build homes ✅FHSA vs RRSP Home Buyer’s Plan – and how to use BOTH together ✅How to avoid surprise closing costs ✅How CMHC mortgage insurance really works ✅How to save over $100,000 with these incentives Key Moments In This Episode ======================== 00:00 – Introduction: Why buying a first home feels confusing 01:09 – What “first-time home buyer” REALLY means (not literal!) 02:49 – NEW 5% Federal GST Rebate on New Builds Explained 05:00 – Ontario’s Proposed 8% HST Rebate for First-Time Buyers 07:30 – Land Transfer Tax Rebates (Ontario + Toronto) 09:48 – FHSA Explained: Contribution limits, carry-forward & withdrawals 13:54 – RRSP Home Buyer’s Plan (HBP) – How to borrow $60,000 tax-free 17:57 – CMHC Mortgage Insurance Rules & Down Payment Requirements 22:04 – Real Closing Costs Breakdown (What first-time buyers miss!) 24:09 – Combining All Programs: How much you can save in total If you're planning to buy your first home in 2025 or beyond, this video is your complete guide to maximizing tax benefits and getting into the housing market sooner. If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible. Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies so you don’t miss a thing! ---------------------- Please make sure to speak to a professional that knows your personal situation before making a decision. Read my blogposts here - https://realestatetaxtips.ca/blog/ If you need to talk to someone on my team, email us at [email protected] SIGN UP FOR OUR NEWSLETTER Want to stay up-to-date with all the latest news about Real Estate Tax Tips, receive weekly tax tips and free real estate investment resources? Then subscribe to our newsletter here: https://realestatetaxtips.ca/youtube-... Want to PAY LESS TAX as a real estate investor? Check Out All of My Tax Saving Resources HERE: https://realestatetaxtips.ca/resource.---------------------- FOLLOW ME ON SOCIAL MEDIA: Facebook: https://www.facebook.com/RealEstateTaxTips Instagram: https://www.instagram.com/realestatetaxtips/ ----------------------⭐Cherry’s Best Real Estate Tax Tips ⭐➡️Canadian Election Tax Policies – Final Update Before You Vote: • Canadian Election Tax Policies – Final Upd... ➡️Top 9 Tax Deductions & Credits You Don’t Want to Miss on Your 2024 Tax Return (Filed in 2025): • Top 9 Tax Deductions & Credits You Don’t W... ➡️Everything You Need to Know About Canadian Election Tax Policies: Part 2: • Everything You Need to Know About Canadian... ➡️Cash for Keys – Is It Tax-Deductible in Canada?: • Cash for Keys – Is It Tax-Deductible in Ca... ➡️Everything You Need to Know About Canadian Election Tax Policies: Part 1: • Everything You Need to Know About Canadian... ---------------------- DISCLAIMER: Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice. The information contained in this video is for general information purposes only. The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance on such information is, therefore, strictly at your own risk. In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information. #CherryChan #CherryChanCPA #CanadianTaxes #RealEstateInvesting #RealEstateTaxTips #CanadianInvesting #TaxTipsCanada #FirstTimeHomeBuyer #CanadaRealEstate #FHSACanada #HomeBuyersPlan #NewHomeRebate #GSTRebate #OntarioRealEstate #LandTransferTax #CMHC