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Tax-freesavingsaccountTax-freesavingsaccountsTFSAallowpeopletosavemoneyandnotpaytaxonanyinterestaccrued.ThisisgreatwaytosaveforadownpaymentonahomeasthemoneyisoftenmoreaccessiblethananRRSP.GSTNewhousingrebateprogramNewlybuilthomesaresubjecttofivepercentGSTbuttherearesomecircumstanceswhenyoumaybeeligibletoclaimarebateforapartoftheGSTyoupayonthepurchasepriceorcostofbuildingyourhome.Ifthehomeyoubuyislessthan350000youcanclaimaGSTrebatetoamaximumof8750.Forhomespricedbetween350000and450000theGSTrebateisreducedproportionately.Newhomespricedat450000orhigherbeforeGSTwouldnotreceivearebate.HomeBuyersx19TaxCreditHBTCLiketheHomeBuyersx19Planifyouhavenx19tlivedinanotherhomeownedbyyouoryourspouseorcommon-lawpartnerinanyofthefourprecedingyearsandyouacquireaqualifyinghomei.e.ahousingunitlocatedinCanadathatwillbeyourprincipalresidenceyoucanclaimanamountof5000fortheHomeBuyersTaxCreditHBTC.Thisprovidesupto750infederaltaxrelief.Thisinitiativeisdesignedtohelpfirst-timehomebuyerswiththecostsassociatedwiththepurchaseofahomesuchaslegalfeeslandtransfertaxesetc.Thistaxcreditisclaimedonincometaxreturnsintheyearyoupurchaseahome.Thereisalsoopportunityforindividualswhorequirewheelchairaccessiblehomestoclaimthistaxcredit.LandTransferTaxCreditOntarioBritishColumbiaandQuebecresidentscanalsomakeaprovincialtaxcreditclaimifyouarepurchasingahomeasaprincipalresidenceaslongasyouandyourspouseorcommon-lawpartnerhasneverownedahomeoraninterestinahomeanywhereintheworld.Checkoutyourprovincialgovernmentwebsitefordeadlinesandapplications.FormoreinformationvisitHomeBuyerx19sPlanservicecanada.gc.caHomeBuyerx19sTaxCreditactionplan.gc.caRecognizingthevalueofhomeownershiptoCanadiansthefederalandprovincialgovernmentsofferincentivestohelpfirst-timehomebuyersgettheirfinancialfooting.9