FHSA – First Home
Savings Account
Home Buyers’ Plan
(HBP – RRSP
Withdrawal)
Home Buyers’
Amount (Federal
Tax Credit)
First-Time Home
Buyers’ GST Rebate
(Proposed / New)
BC First-Time Home
Buyers’ Program
(PTT Exemption)
FHSA – First Home
Savings Account
Federal
/ BC
Federal
First-Time Buyer DEFINITION
Did not live in a home you or spouse owned in current year or past 4 years
Spouse / Common-Law Rule
Each spouse must qualify
individually for tax-free
withdrawals
Investment / Rental
Property Rule
Owning rental property
you never lived in → ✅
eligible; lived in it → ❌
Home Buyers’ Plan
(HBP – RRSP Withdrawal)
Federal
/ BC
Federal
First-Time Buyer DEFINITION
Same 4-year lived-in rule
Spouse / Common-Law Rule
Each must qualify separately
Investment / Rental
Property Rule
Rental property never
lived in → ✅; lived in it orspouse’s → ❌
Home Buyers’ Amount
(Federal Tax Credit)
Federal
/ BC
Federal
First-Time Buyer DEFINITION
Same 4-year lived-in rule
Spouse / Common-Law Rule
Both qualify → split credit; only one → that person claims
Investment / Rental
Property Rule
Rental property never
lived in → ✅; lived in it →❌
First-Time Home Buyers’ GST Rebate (Proposed / New)
Federal
/ BC
Federal
First-Time Buyer DEFINITION
Same 4-year lived-in rule; meet test at closing
Spouse / Common-Law Rule
At least one purchaser must meet first-time definition; both fail → no
rebate
Investment / Rental
Property Rule
Rental property never
lived in → ✅; lived in it or spouse’s → ❌
BC First-Time Home Buyers’ Program (PTT Exemption)
Federal
/ BC
BC
First-Time Buyer DEFINITION
Never owned a principal residence anywhere in
life; must occupy home as principal residence
Spouse / Common-Law Rule
Eligibility assessed individually; both qualify → full exemption; one
qualifies → only their share; neither → no exemption
Investment / Rental
Property Rule
Rental property never
lived in → ✅; owned &
lived in principal
residence → ❌
The information shared here is intended for general educational purposes only and should not be considered financial, tax, or legal advice. I am not a licensed accountant or tax professional. Readers are encouraged to consult with a qualified professional regarding their specific situation. Programs and qualifications may change at any time. For most up to date policy and detail please always refer to official sources and confirm with professionals.
