Financial Assistance Programs for Your Property Purchase

Explore financing programs to become a homeowner more easily. With my in-depth knowledge of options such as the HBP, the 40 km Program, and the FHSA.

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FHSA (First Home Savings Account)

FHSA's Objective:

To improve savings capacity for the purchase of a first property, particularly useful for accumulating a down payment.

This program is especially beneficial for those with good savings capacity or family support, looking to become homeowners of their first house in Canada.

For more details on incentives and rebates for purchasing a first property: click here.

HBP (Home Buyers' Plan)

Using RRSPs: Allows you to withdraw up to $35,000 from your RRSP to buy your first home without paying tax on the withdrawal.

Repayment: You must repay the money to your RRSP over the following years, with a minimum of 1/15th of the amount withdrawn each year. The first repayment can be made within a period of 2 years and 61 days to 3 years and 58 days after the withdrawal.

40 km Program

Moving and Tax Savings: If you move for a new job or transfer to another municipality, and your new residence is at least 40 kilometers closer to your new workplace, you could deduct moving expenses, including real estate brokerage fees.

Eligibility: Notary fees and transfer duties of the new residence can also be deducted if the old residence is sold and a new one is acquired. Eligible individuals who failed to claim these deductions can request a retroactive refund up to 10 years after the move."

Summary of the CELIAPP Program (Tax-Free Savings Account for the Purchase of a First Property)

Eligibility Conditions:
- Age between 18 and 71 years.
- Must not have been a property owner during the current year or the previous four calendar years.
- The "fiscal spouse" must not have been a homeowner-occupant in the last five years.
Use of CELIAPP:
- The account can be used for the purchase of a primary residence on Canadian soil.
- Written proof of a purchase agreement is required.
- Possibility to combine RAP (Home Buyers' Plan) and CELIAPP.
Contributions and Limits:
- Maximum contribution of $8,000 per year over 5 years, for a total of $40,000.
- Unused contributions do not accumulate.
Fund Transfer and Account Closure:
- Possibility to transfer funds to an RRSP or RRIF after 15 years or if one changes their mind.
- Withdrawals from RRSPs to fund CELIAPP are possible, but without a second tax deduction.
Tax Benefits:
- Contributions are eligible for a tax deduction (like an RRSP).
- Withdrawals for property purchase are not taxable (like a TFSA).
Availability and Investments:
- Financial institutions are preparing for the launch of CELIAPP accounts.
- A wide range of investment options available in the account.

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Julie Gauthier

Chartered Real Estate Broker

Julie Gauthier inc.

Phone: B. (514) 895-4921
O. (450) 472-7220

Address: 479 boul. Arthur-Sauvé
Saint-Eustache, Quebec, J7P 2B3

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