HBP, FHSA, the home buyers’ tax credit, municipal programs. The rules overlap and change. Describe your project; a broker registered with the AMF calls you back and tells you which ones actually apply to your situation.
The minimum down payment, and what it triggers
Below 20% down, the loan must be insured, which adds a premium to the amount borrowed but often gives access to better rates. The 20% threshold is therefore not always the most economical target. A broker shows you both scenarios.
The HBP: withdrawing from an RRSP without immediate tax
The Home Buyers’ Plan lets you withdraw from an RRSP to buy a first home, with no tax at withdrawal, provided you repay it over fifteen years. The funds must have been in the RRSP for a minimum period before withdrawal.
The FHSA: deductible contributions, untaxed withdrawals
The First Home Savings Account combines the RRSP deduction with the TFSA’s tax-free withdrawal. It has its own annual and lifetime limits, and a limited lifespan. It can be combined with the HBP in several situations.
The tax credits
A federal and a Quebec credit exist for buying a first home. They are claimed on the tax return following the purchase, not at the time of the transaction: they do not help you pay the down payment.
Municipal programs
Several Quebec cities offer their own support: a loan, a partial refund of the transfer tax, or down-payment assistance, usually with income and price ceilings. Conditions vary by city and change from year to year.
Pre-approval: what it is actually for
A pre-approval holds a rate for a given period and gives you an order of magnitude. It does not replace an approval, which also depends on the property you choose. A broker explains the difference before you make an offer.
The costs nobody mentions
Transfer duties, notary, inspection, appraisal, tax adjustments. They are paid in cash, not inside the loan. Building them into the plan from the start avoids the unpleasant surprise two weeks before closing.
What happens after you submit
Your request goes only to the authorized mortgage team. A broker calls you back. No credit check is performed when the form is submitted.
Frequently asked questions
Can I combine the HBP and the FHSA?
In many situations, yes. Eligibility rules and limits differ for each. An authorized person checks your specific case rather than generalizing.
Am I still a “first-time buyer” if I have owned before?
Often yes, after a period during which you did not occupy a home you owned. The number of years required varies by program. It is one of the first things the broker verifies.
How much down payment do I need?
The minimum depends on the property price and the rules in force. The useful amount depends on your overall situation. The broker establishes both with you.
Do I need documents for the request?
No. No document is requested publicly. The broker will tell you what is needed if a file is opened.
Does this affect my credit report?
No. Completing this form triggers no credit check. An inquiry is made later by the broker or lender, with your explicit consent.