Canadian Federal Government Tax Credits and Incentives for First-Time Home Buyers.

1. The Home Buyers' Plan (HBP)

A program that is called the Home Buyers' Plan (HBP) allows First-Time Home Buyers to withdraw maximum $25,000 from a Registered Retirement Savings Plan (RRSP) to purchase or build a qualifying home, without having to pay tax on the withdrawal.

2. The new Home Buyers Tax Credit (HBTC)

It is a new non-refundable tax credit (maximum amount of $750) which is available for New Home Buyers who have acquired a qualifying home after January 27, 2009.