• Log in

The 4 soldiers killed in fast-moving fire at CFB Wainwright in Alberta

  • English
  • French

Trending Tags

  • News
  • Travel
  • Eat & Drink
  • Sports
  • Things To Do
  • Real Estate
  • People
  • Money
  • Narcity TV
  • Deals
  • Podcasts

Popular Cities

  • Toronto
  • Ottawa
  • Calgary
  • Vancouver
  • Montréal (fr)
  • Québec (fr)
  • Halifax
  • Edmonton
  • Montreal (en)
  • Laval (fr)
  • St. John's
  • Whitehorse
  • Winnipeg
  • Atlanta
  • Austin
  • Houston
  • Las Vegas
  • Los Angeles

Get Narcity on the Go

Download on the App StoreGet it on Google Play
  • About
  • Editorial standards
  • Advertise
  • POLITICAL ADS REGISTRY
  • careers
  • Privacy Policy
  • Contact Us
  • Terms & Cond.
  • Submit a news tip
Sign in

Welcome back!
Choose your sign-in method.

Don't have an account?

By continuing, you agree to our Terms & Conditions

Create account

Already have an account?

By continuing, you agree to our Terms & Conditions

Create an Account
Minimum of 8 characters and one number or symbol.

Looks like your email is already registered. Reset your password

By continuing, you agree to our Terms & Conditions

Looks like your e-mail is already registred!

Please check your e-mail to reset your password.

Sign in with Email

Forgot your password?

Reset Password
Please enter email address to receive instructions to reset password
This website uses cookies

We use cookies to personalize content and ads, to provide social media features and to analyze our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services. Learn More

close
Yes, I Accept
federal budget 2022
EN - Money

The First-Time Home Buyer Incentive Is Being Extended By The Feds For 3 More Years

The government is also planning to introduce a Tax-Free First Home Savings Account. 🏠

Mark Hryciw | Dreamstime, Rodrigolab | Dreamstime
Lisa Belmonte
April 09, 2022, 10:42 AM

The First-Time Home Buyer Incentive is being extended for three more years to help people buy a home in Canada, the federal government announced.

In the new federal Budget 2022 that was released on April 7, the government revealed that the First-Time Home Buyer Incentive will now be available until March 31, 2025.

"The government is exploring options to make the program more flexible and responsive to the needs of first-time home buyers, including single-led households," it said.

With the First-Time Home Buyer Incentive, the government offers buyers 5% or 10% of a home's purchase price to put toward a down payment to lower mortgage carrying costs.

The program is a shared equity mortgage which means the government shares in the property value.

To try and make housing more affordable in Canada, other steps were proposed including doubling the First-Time Home Buyers' Tax Credit to $10,000 and providing up to $1,500 in direct support.

That would apply for homes purchased on or after January 1, 2022.

There is also a plan to introduce a Multigenerational Home Renovation Tax Credit which would provide up to $7,500 for constructing a secondary suite for a senior or an adult with a disability.

The government has pledged $475 million in 2022 and 2023 to provide a one-time $500 payment to those facing housing affordability challenges.

Also, there's a plan to create a Tax-Free First Home Savings Account so that people planning to buy their first home can save up to $40,000 without having to pay tax on withdrawals for down payments.

From Your Site Articles
  • The Feds Want To Introduce A Tax-Free Savings Account For ... ›
Related Articles Around the Web
  • First-Time Home Buyer Incentive | Place to Call Home ›
Discover Narcity
Get the latest and greatest stories every day in your inbox.

This beautiful Ontario park has 20 km of silky shores and a floating boardwalk trail

It has dreamy fall views. 🍂

@dreamin_b | Instagram, Pongsakorn | Dreamstime

Ontario has no shortage of beautiful parks to explore, and if you're looking for somewhere truly special to check out, you'll want to add this spot to your plans.

With silky shorelines, shimmering waters, stunning trails, and floating boardwalks, it's a magical place to enjoy the outdoors.

Keep reading Show less

Carney says Canada in mourning following military base deaths in Alberta

Canada in mourning over military tragedy: Carney
THE CANADIAN PRESS/Patrick Doyle

Prime Minister Mark Carney delivered a statement in Ottawa on Sunday about a deadly, fast-moving fire at CFB Wainwright in Alberta. The fire on Saturday killed four service members and wounded dozens more. 

Here is the text of Carney's remarks:

Keep reading Show less

British Columbia NDP Leader Eby asks Green voters to think carefully about vote

B.C.'s Eby asks Green voters for help in election
THE CANADIAN PRESS/Rich Lam

British Columbia NDP Leader David Eby is appealing to Green voters as the snap election slated for Oct. 24 enters its final week.

Eby says Green voters should think carefully about their choices, as they prepare to cast their ballots.  

Keep reading Show less

Trending right now on Narcity

This Frozen Lake In Canada Makes It Look Like You're Skating On Clouds

Toronto Police Identify Woman Who Threw Chair And "Other Items" Off A High-Rise Balcony

This Hidden Toronto Cafe Is Insanely Cute And Has Amazing Food

These 13 Hiking Spots Are Some Of The Most Scenic Trails You’ll Find Across Canada

40 Cheap & Best All-Inclusive Resorts In Mexico To Escape To This February & March