First-Time Home Buyers’ Tax Credit
First Time Home Buyer Tax Credit (HBTC) was introduced by government to help canadian buy their first home. The credit amount is calculated by multiplying the lowest personal income tax rate for the year by $5000, the total allowable credit is $750.
Home Buyers’ Plan
Under this plan, buyer can withdraw money from Registered Retirement Savings Plans (RRSPs) tax-free to help with the purchase of first home.