Programs can improve cash flow or help build a down payment, but eligibility rules differ. Confirm the current rules for each program before relying on it in an offer.
Insured 30-year amortization
Eligible first-time buyers may have access to a 30-year insured amortization under current federal rules. A longer amortization can lower the payment but generally increases total interest.
First Home Savings Account
The FHSA combines deductible contributions with tax-free qualifying withdrawals. Annual and lifetime limits apply, as do eligibility and withdrawal rules.
RRSP Home Buyers’ Plan
Eligible buyers may withdraw from RRSP savings under the Home Buyers’ Plan and repay the amount over time. Current withdrawal limits and repayment timing should be confirmed with official guidance or a tax professional.
Secondary-suite planning
A legal suite may support cash flow, but renovation cost, zoning, permits, insurance and lender treatment of rental income all matter. Do not build the budget on projected rent until the full plan has been reviewed.
Do not forget closing costs
Keep funds available for legal work, inspection, appraisal when required, adjustments, insurance, moving and an emergency reserve.
Adapted from Ramin’s original first-time buyer article.