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Buying your first home in Guelph comes with more financial support than most people realize. Here's a plain-language rundown of the programs worth knowing about, and how they work together.  The First Home Savings Account (FHSA) This is the single best tool for most first-time buyers. You can contribute up to $8,000 a year, up to a lifetime maximum of $40,000. Contributions are tax-deductible like an RRSP, and withdrawals for a first home are completely tax-free, with no requirement to pay the money back. If you haven't opened one yet, it's worth doing even before you're ready to contribute much, since your contribution room only starts building once the account exists. The Home Buyers' Plan (HBP) Separate from the FHSA, this lets you withdraw up to $60,000 from your RRSP tax-free toward a first home. The catch is that you do have to repay it, starting the second year after you withdraw, spread over 15 years. Many buyers use the FHSA first since it never needs repaying, then top up with the HBP if they need more. A couple who are both first-time buyers can combine both programs and, between FHSA and HBP, potentially bring well over $150,000 toward a down payment. Ontario Land Transfer Tax Rebate First-time buyers in Ontario get a rebate of up to $4,000 on the provincial land transfer tax, which effectively eliminates the tax entirely on homes priced at roughly $368,000 or less, and reduces it meaningfully above that. On a $650,000 Guelph home, the land transfer tax comes to roughly $9,475, so the rebate brings your out-of-pocket cost down to about $5,475. Your lawyer handles the rebate claim at closing, so there's nothing extra you need to apply for separately. Home Buyers' Tax Credit A federal, non-refundable tax credit worth up to $1,500, claimed the year you buy. It's smaller than the other programs but it's easy money you shouldn't leave on the table. Mortgage rules that favour first-time buyers As of late 2024, first-time buyers on insured mortgages can stretch amortization to 30 years instead of the usual 25, which meaningfully lowers the monthly payment (though it does mean more interest paid over the life of the mortgage). The insured-mortgage price cap also sits at $1.5 million, up from $1 million previously, which opens up insured financing on more homes. Putting it together Here's what a real first-time buyer's stack might look like on a $650,000 Guelph townhouse: FHSA covers part of the down payment tax-free, HBP tops it up if needed, the land transfer tax rebate saves roughly $4,000 at closing, and the 30-year amortization option (if you want it) keeps the monthly payment more manageable. The programs are genuinely helpful, but timing and coordination matter. If you're a year or two out from buying, opening an FHSA today and having a mortgage broker map out your specific numbers is the best first step. I'm always happy to walk through what applies to your situation and connect you with a broker who can run the exact figures.