- The FHSA and the RRSP Home Buyers' Plan can be combined, per person. A couple can stack them.
- New homes up to $1 million can qualify for a full GST rebate for first-time buyers (up to $50,000), phased out to $1.5 million.
- Manitoba has no land transfer tax rebate, but first-time buyers can claim the federal home buyers' tax credit.
Being a first-time buyer in Canada comes with real advantages. Most are federal, some are tax rules, and a few are easy to miss. Here's the list I walk through with first-time clients.
Who counts as a first-time buyer?
Definitions differ by program. For the FHSA and the Home Buyers' Plan, you generally qualify if you (and, for some programs, your spouse or partner) haven't lived in a home you owned in the current year or the previous four calendar years. Check each program's rules, because they're not identical.
1. First Home Savings Account (FHSA)
- Deposit up to $8,000 a year, $40,000 lifetime per person.
- Deposits are tax-deductible, like an RRSP.
- Withdrawals for a qualifying first home are tax-free, like a TFSA.
- Unused room carries forward (up to $8,000 extra in a year).
If you might buy within the next few years, opening an FHSA early starts the room clock even if you only put in a small amount.
2. RRSP Home Buyers' Plan (HBP)
- Withdraw up to $60,000 per person from your RRSPs for a first home.
- No tax on the withdrawal; you repay it to your RRSP over 15 years.
- The money must have been in the RRSP for at least 90 days.
FHSA: $8,000 a year, $40,000 lifetime, per person. HBP: up to $60,000 per person, repaid over 15 years. Growth not included. Ask your accountant about your own limits.
Estimates for planning, not financial advice.
3. GST rebate on new homes
For first-time buyers purchasing a newly built (or substantially renovated) home, the federal government now removes the 5% GST on homes up to $1 million, a saving of up to $50,000. The rebate phases out between $1 million and $1.5 million. It applies to purchase agreements signed from March 20, 2025, and it's a strong reason to compare new builds in areas like Bridgwater, Sage Creek or Devonshire Village with resale homes. The CRA has the eligibility details; your builder and lawyer handle the paperwork.
4. 30-year amortization on insured mortgages
First-time buyers can choose a 30-year amortization with less than 20% down. The monthly payment drops, but total interest rises and the insurance premium has a 0.20% surcharge. Useful for qualifying; worth paying down faster when you can.
Estimates for planning, not financial advice.
5. Tax credits
- Federal First-Time Home Buyers' Tax Credit: a $10,000 credit amount, worth up to $1,500 on your tax return in the year you buy.
- Manitoba Homeowners Affordability Tax Credit: applied directly on your property tax bill for your principal residence (up to $1,600 for 2026). New owners declare their principal residence with the province, so ask your lawyer or check the Manitoba government site after you move in.
What Manitoba doesn't have
There's no provincial land transfer tax rebate for first-time buyers, and no provincial down payment program for the general public right now. Some municipalities and non-profits run targeted programs from time to time. If one fits you, I'll flag it.
Your ticks stay in this browser.
Can a couple use both the FHSA and the Home Buyers' Plan?
A first-time buyer signs for a brand-new $800,000 home. How much GST could the rebate remove?
Make every program count
- Reply within 24 hours
- Everything in writing, in plain English or Polish
- Winnipeg and all of Manitoba
Questions people ask
Is the FHSA better than the Home Buyers' Plan?
They do different things. The FHSA never has to be repaid; the HBP does. Many buyers use the FHSA first and the HBP for the rest.
Does the GST rebate apply to a resale home?
No. Resale homes don't charge GST in the first place. The rebate is for new or substantially renovated homes.
I owned a home abroad. Am I a first-time buyer?
For some programs, ownership anywhere counts. It depends on the program and the timing, so check with an accountant.
This article is general information for Manitoba, not legal, tax, mortgage or financial advice. Rules, rates and programs change; figures are estimates as of October 2026. Check your situation with a lawyer, lender or accountant before you act. Adela Strycharz is a REALTOR® with Real Broker Manitoba Ltd. If you already have an agreement with another brokerage, please speak with your own REALTOR® first.