⚠️ The Federal First-Time Home Buyer Incentive ended March 2024.

Applications are no longer accepted. If you've seen this program referenced recently, that content is outdated. Don't plan your purchase around a program that no longer exists.

Programs That Are Active in 2026

1First Home Savings Account (FHSA)Best current program
  • $8,000/year contribution room, $40,000 lifetime maximum per person
  • Contributions are tax-deductible (like an RRSP)
  • Withdrawals for a qualifying first home are completely tax-free (like a TFSA)
  • No repayment required — unlike the RRSP Home Buyers' Plan
  • Open one now even if you're 2–3 years from buying — contribution room accumulates
  • Couples: combined $80,000 tax-advantaged down payment, zero repayment
2RRSP Home Buyers' Plan (HBP)Stack with FHSA
  • Withdraw up to $35,000 per person ($70,000 per couple) from your RRSP
  • Funds must have been in RRSP for at least 90 days
  • Must repay over 15 years — missed repayments added to taxable income
  • Can be combined with FHSA for maximum tax-advantaged down payment
3GST/HST New Housing RebateNew construction
  • Rebate on GST paid on new home purchases under $450,000
  • Partial rebate available up to $600,000
  • Applies to newly built homes, substantially renovated homes, and mobile homes
  • Alberta has no provincial component — federal GST only
4First-Time Home Buyers' Tax Credit$1,500 back
  • Claim $10,000 on your T1 in the year you buy
  • Results in a tax credit of up to $1,500
  • Automatically available — no application needed beyond your tax return
5CMHC Mortgage InsuranceRequired under 20% down
  • Required for all mortgages with less than 20% down payment
  • Premium: 4.0% on 5% down, 3.1% on 10% down, 2.8% on 15% down
  • Added to your mortgage balance — not paid at closing
  • Enables homeownership with as little as 5% down
  • Not available on properties over $1.5 million

The FHSA + HBP Stack Strategy

The most powerful move available to a couple buying their first home in Alberta in 2026: combine both programs for up to $150,000 in tax-advantaged down payment funds ($80,000 FHSA + $70,000 HBP RRSP). The FHSA portion has zero repayment. The HBP portion is repaid over 15 years.