First-Time Home Buyer Programs in Calgary: FHSA, HBP & Every 2026 Incentive
By Evans Dobey, REALTOR® | What each program really gives you, how they work together, and what’s different for buyers in 2026.
The Programs Worth Knowing Before You Shop
Between the First Home Savings Account, the RRSP Home Buyers’ Plan, a federal tax credit and a new GST rebate on new builds, first-time buyers in Calgary can have real money available before they ever write an offer. We’re often talking tens of thousands of dollars in tax-free withdrawals and rebates. None of it happens on its own, though, and one of the rules below changed in a way that affects anyone taking money out in 2026. Here’s what each program offers, who qualifies, and how they fit together.
If you want the bigger picture of working with me, start with my Buy a Home in Calgary overview. Otherwise, keep reading for the programs themselves. For the costs on the other side (CMHC insurance, legal fees and Alberta’s land titles fees), see my First-Time Buyer Costs in Calgary breakdown. My How to Buy a Home in Calgary guide covers the full timeline.
The Programs at a Glance
Here’s a quick comparison before we get into the details. These figures are current as of September 2026 and come straight from the CRA, CMHC and the Government of Alberta. You’ll find the sources linked throughout.
| Program | What It Offers | Type |
|---|---|---|
| First Home Savings Account (FHSA) | Up to $8,000/year, $40,000 lifetime — tax-deductible in, tax-free out | Savings account |
| RRSP Home Buyers’ Plan (HBP) | Up to $60,000 per person, tax-free, repaid over 15 years | RRSP withdrawal |
| Home Buyers’ Amount | $10,000 claim, worth $1,400 in federal tax savings (2026) | Tax credit |
| First-Time Home Buyers’ GST/HST Rebate | Up to $50,000 — new construction only | Rebate |
| Attainable Homes Calgary | Below-market shared ownership for income-qualified buyers | Local program |
First Home Savings Account (FHSA)
The FHSA takes the best parts of an RRSP and a TFSA and puts them toward one goal. Your contributions are tax-deductible like an RRSP, and when you take the money out to buy your first home, it’s completely tax-free like a TFSA. Nothing gets added back to your income either way.
You can put in up to $8,000 a year, up to a $40,000 lifetime limit. Any room you don’t use carries forward, so if you open an account and put nothing in during year one, you could contribute up to $16,000 in year two. You’re allowed to move money from an existing RRSP into an FHSA, but that transfer isn’t tax-deductible and it uses up some of your lifetime room. Source: CRA: FHSA contributions and deductions.
To open one, you need to be 18 to 71 years old, live in Canada, and be a first-time buyer. That means neither you nor your spouse or common-law partner owned and lived in a home as your main residence at any point this year or in the previous four. Source: CRA: Opening and closing your FHSAs.
To take money out, you need a written agreement to buy or build, you have to stay a Canadian resident until you take possession, and you need to move in as your main residence within a year. The account has to be closed by the earliest of 15 years after you opened it, the year you turn 71, or the year after your first qualifying withdrawal. Anything left over can move tax-deferred into an RRSP or RRIF. And yes, you can use your FHSA and the Home Buyers’ Plan together for the same home, as long as you meet the rules for both. Sources: CRA: FHSA withdrawals, CRA: Closing your FHSA.
RRSP Home Buyers’ Plan (HBP)
The HBP lets you take up to $60,000 out of your RRSP, tax-free and with no penalty, to put toward your first home. It uses the same first-time buyer test as the FHSA: neither you nor your current spouse or common-law partner owned a principal residence this year or in the previous four. If you’re buying with someone, you can each take out up to $60,000, for $120,000 together. Source: CRA: The Home Buyers’ Plan.
Good to know if you’re taking money out in 2026: you get up to 15 years to pay it back, but when the clock starts depends a lot on the year you withdraw. Withdrawals made from 2022 to 2025 got a temporary break that pushed the first repayment to the fifth year after the withdrawal. That break has ended. If you withdraw in 2026 or later, you’re back to the normal rule, and repayments start in the second year after you take the money out. So someone who withdrew in 2025 doesn’t owe anything until 2030, but someone withdrawing in 2026 starts repaying in 2028. That’s three years sooner. Source: CRA: Repaying HBP withdrawals.
If you miss the minimum repayment one year, there’s no penalty. The amount you didn’t repay just gets added to your taxable income for that year, on line 12900 of your return.
Home Buyers’ Amount: The $10,000 Tax Credit
This is a federal non-refundable tax credit, so it’s not a cheque in the mail. You can claim up to $10,000 when you buy a qualifying first home. The credit is worth that amount times the lowest federal tax rate, which is 14% as of 2026, so it takes $1,400 off the federal tax you owe. It only helps if you actually owe at least that much federal tax for the year. Sources: CRA: Line 31270, CRA: 2026 federal tax rate.
The first-time buyer rule is the same as above (it’s waived for buyers with disabilities who are buying a more accessible home). If more than one person qualifies on the same home, you can split the $10,000 between you however you like. The total just can’t go over $10,000 for that home.
First-Time Home Buyers’ GST/HST Rebate (New Construction Only)
This one is brand new, and it applies to purchase agreements dated on or after May 27, 2025. It takes the GST off a newly built or substantially renovated home, on top of the existing GST/HST New Housing Rebate. You get up to 100% relief (capped at $50,000) on new homes priced at $1 million or less. Between $1 million and $1.5 million it phases out gradually, and above $1.5 million there’s nothing. For example, a $1.25 million new home sits right in the middle of that range, so it qualifies for 50% of the maximum, or $25,000. Sources: CRA: FTHB GST/HST rebate calculation, Department of Finance Canada.
You qualify using the same first-time buyer test as the other programs. Your purchase agreement has to be signed before 2031, and construction has to be substantially finished before 2036. Source: CRA: Who can apply.
This affects where you shop: resale homes are already exempt from GST, so they don’t need this rebate and don’t qualify for it. It only applies to new construction, which is worth keeping in mind since most first-time buyers in Calgary end up looking at resale homes.
Combining Programs: A Worked Example
Here’s what it looks like when you combine them, using a Calgary couple who are both first-time buyers and buying a $700,000 new home. This is a best-case example. It assumes both of them have built up their full FHSA and RRSP room over several years, which most people won’t have right away. Still, it shows what’s possible when you use these programs together.
| Program | Amount | Notes |
|---|---|---|
| FHSA (each, ~2 years of room) | $32,000 combined | Tax-deductible in, tax-free out |
| RRSP Home Buyers’ Plan (each) | $120,000 combined | Tax-free now, repaid over 15 years |
| Home Buyers’ Amount tax credit | $1,400 combined | Federal tax credit, split between them |
| First-Time Home Buyers’ GST/HST Rebate | $35,000 | 5% GST on $700,000, fully rebated (under the $1M threshold) |
Total: up to $152,000 in tax-advantaged money toward the down payment and closing costs, plus $36,400 combined in tax credits and GST relief. Your own numbers will depend on how much FHSA and RRSP room you’ve actually built up, and whether you’re buying new or resale. I’m happy to run your numbers with you before you start looking, or you can try my Calgary Mortgage Calculator yourself.
Other Programs, and One That’s Gone
Attainable Homes Calgary, which is affiliated with the Calgary Municipal Land Corporation, offers below-market, shared-ownership homes to buyers who meet its income rules. On eligible homes, you can get in with as little as $2,000 down. It’s more limited than the federal programs (you need to meet income and mortgage requirements, and there aren’t many homes available), but it’s worth a look if you qualify. Alberta doesn’t have its own first-time buyer grant or rebate, so the federal programs above are where the help comes from.
One program you might still see mentioned that doesn’t exist anymore: the federal First-Time Home Buyer Incentive. It was a shared-equity mortgage where CMHC took a 5–10% stake in your home in exchange for help with the down payment. It stopped taking new applications on March 21, 2024, and has been shut down completely. If an older article mentions it, you can ignore it. Source: CMHC: First-Time Home Buyer Incentive.
Common Questions
Can I use my FHSA and the Home Buyers’ Plan together?
Yes. You can take money out of both for the same home, as long as you meet each program’s rules when you make each withdrawal.
What happens to my FHSA if I don’t end up buying a home?
You don’t lose anything. Before your account’s closing deadline, you can move whatever’s left into an RRSP or RRIF, tax-free.
Does the GST rebate apply to resale homes in Calgary?
No. Resale homes are already exempt from GST, so both the GST and this rebate only apply to new builds or substantial renovations.
Is Alberta’s land transfer tax the same as Ontario’s or B.C.’s?
No. Alberta doesn’t have a percentage-based land transfer tax at all. Instead, there’s a flat Land Titles registration fee ($50 plus $5 per $5,000 of value). My First-Time Buyer Costs in Calgary page has the full breakdown.
Is the First-Time Home Buyer Incentive still available?
No. It stopped taking new applications on March 21, 2024, and has been shut down completely.
How much does the 2026 Home Buyers’ Plan repayment change actually matter?
More than you might think. If you withdrew in 2025, your first repayment isn’t due until 2030. If you withdraw in 2026, it’s due in 2028. That’s three fewer years to plan for.
Want to Know Which of These You Actually Qualify For?
Every first-time buyer’s situation is a little different: how much room you’ve built up, whether you’re buying new or resale, and how the numbers work out at your price point. I’ll go through it with you before you start looking.