First-Time Home Buyer Programs in Canada: What's Actually Still Available in 2026
Federal housing programs change with the budget cycle, which means a guide written eighteen months ago can confidently quote a limit that no longer exists. This is the current picture for a first-time buyer in Alberta — and, just as usefully, a note on which parts move most often and therefore need checking rather than trusting.
The short answer
The two accounts that matter most are both live: the FHSA, at $8,000 a year to a $40,000 lifetime maximum, and the Home Buyers’ Plan, allowing up to $60,000 from an RRSP repayable over 15 years. They stack. Alberta has no provincial first-time buyer rebate, because it charges no provincial land transfer tax to rebate against.
Key takeaways
- FHSA — $8,000 a year, $40,000 lifetime. Deductible going in, tax-free coming out for a qualifying first home. The only account that does both.
- Home Buyers’ Plan — up to $60,000 from an RRSP, repaid over 15 years with no interest. Funds generally must have been on deposit 89 days.
- They can be used together, which is the single most effective down payment strategy available to a Canadian couple.
- The federal First-Time Home Buyers’ Tax Credit remains a non-refundable credit claimed on your return the year you buy.
- Alberta has no land transfer tax and therefore no first-time buyer rebate — a net advantage, not a gap.
Who this guide is for
First-time buyers in the Edmonton area assembling a down payment, who want to know which federal programs are still active and what each is actually worth.
The First Home Savings Account
The FHSA is the most useful account introduced for buyers in a long time, because it combines the two tax advantages that were previously separate. Contributions are deductible against income like an RRSP contribution, and qualifying withdrawals for a first home come out entirely tax-free like a TFSA withdrawal.
Room accrues at $8,000 a year to a $40,000 lifetime cap, and unused room carries forward within limits. For a couple, that is up to $80,000 of combined lifetime room — comfortably more than the minimum down payment on most Edmonton homes.
The Home Buyers’ Plan
The HBP lets you withdraw up to $60,000 from your RRSP for a first home without the withdrawal being taxed, provided you repay it over 15 years. Repayments are made back into your RRSP; miss one and that year’s required amount is added to your taxable income.
One rule catches people out: contributions generally have to sit in the RRSP for at least 89 days before they can be withdrawn under the plan. Depositing money in February to withdraw in March does not work.
Fill the FHSA first if you have to choose. It is a deduction going in and tax-free coming out with no repayment obligation, whereas the HBP is a loan from yourself that must be repaid over fifteen years.
What Alberta does and does not offer
Alberta has no provincial first-time home buyer rebate. That reads like a gap and is the opposite: rebates in Ontario and British Columbia exist to offset land transfer taxes those provinces charge and Alberta does not. A first-time buyer here pays no provincial land transfer tax at all, with Land Titles registration charged at $50 plus $5 per $5,000 of value — typically a few hundred dollars rather than several thousand.
Municipal and provincial programs aimed at specific groups do appear from time to time, so it is worth a check with a mortgage professional for anything current that fits your situation.
Which parts of this change, and how to check
Contribution limits, withdrawal maximums and program eligibility are all set federally and have moved more than once in recent years — the HBP limit itself was increased not long ago. Treat any figure in any article, including this one, as a starting point and confirm the current position directly with the Canada Revenue Agency or a licensed mortgage professional before you rely on it for a purchase.
Ryan McCann
Ryan is an Edmonton-based REALTOR® with MaxWell Polaris and the person behind Padster. He's helped over 2,200 clients in the Edmonton area buy and sell their home.
Contact Ryan today at 780-964-8445 to talk through your next step.
Last reviewed 22 August 2026. General information for Edmonton-area buyers — not individualized financial, mortgage, legal or tax advice. Mortgage rules, government programs and market figures change; confirm current details with a licensed mortgage professional, an Alberta real-estate lawyer, or the relevant government source before making a decision. Padster is not a brokerage.
Sources
- Canada Revenue Agency — First Home Savings Account (FHSA)
- Canada Revenue Agency — The Home Buyers’ Plan
- Financial Consumer Agency of Canada — How much you need for a down payment
- Government of Alberta — Land Titles
Your next step
Start with the accounts that actually stack
Which to fill first, and how they work together.
Compare the FHSA and Home Buyers' PlanFrequently asked questions
Can I use the FHSA and the Home Buyers' Plan together?
Yes. They are separate accounts with separate rules, and using both is the most effective down payment strategy available to most Canadian first-time buyers.
How much can I put in an FHSA?
Up to $8,000 a year, to a lifetime maximum of $40,000. Contributions are deductible against income and qualifying withdrawals for a first home are tax-free.
How much can I withdraw under the Home Buyers' Plan?
Up to $60,000 from an RRSP, repayable over 15 years. Contributions generally must have been in the RRSP for at least 89 days before being withdrawn under the plan.
Does Alberta have a first-time home buyer rebate?
No, because Alberta charges no provincial land transfer tax for a rebate to offset. That is a net advantage over provinces where the tax runs to thousands of dollars.
Should I fill my FHSA or my RRSP first?
Generally the FHSA, because it is deductible going in and tax-free coming out with no repayment obligation, whereas the Home Buyers' Plan must be repaid over fifteen years.
Do these programs change often?
Yes — limits and eligibility are set federally and have moved more than once in recent years. Confirm current figures with the Canada Revenue Agency or a mortgage professional before relying on them.
