The Canadian government has built the most comprehensive stack of first-time buyer financial support programs in the country’s history — and most first-time buyers in Markham are leaving money on the table by not fully accessing every program they are entitled to. Michael John Lau and Neeraj Moolchandani, top real estate agents in Markham Ontario (and CPA/CMA), build the complete first-time buyer financial picture for every client. Here is the exhaustive guide to every dollar available to first-time buyers in Markham in 2026.

Program 1 — The First Home Savings Account (FHSA) — Up to $40,000 Tax-Free, Tax-Deductible

The FHSA, introduced April 2023, combines the best features of RRSPs and TFSAs: contributions are tax-deductible, and withdrawals for a home purchase are completely tax-free with no repayment obligation. Annual contribution limit: $8,000 per year, $40,000 lifetime. There is no Canadian savings vehicle that provides this combination of benefits. If you have not yet opened an FHSA and are a potential first-time buyer in the next three years — open one today. Contribution room begins accumulating from the date the account is opened, not from when you first contribute.

Program 2 — The RRSP Home Buyers’ Plan (HBP) — Up to $60,000 Per Person Tax-Free

The RRSP Home Buyers’ Plan lets you withdraw up to $60,000 from your RRSP tax-free to buy or build your first home. For a couple, that is $120,000 combined. The HBP withdrawal is tax-free at withdrawal but must be repaid to your RRSP over 15 years starting in the second year after the year of withdrawal. The most common mistake: withdrawing RRSP funds that have been in the account for less than 90 days. Funds must be in the RRSP for at least 90 days before withdrawal to qualify. Last-minute RRSP contributions before closing often do not meet this requirement.

Program 3 — The FHSA + HBP Combination — Up to $100,000 Per Person

The FHSA and RRSP HBP can be used together, allowing eligible buyers to access up to $100,000 in tax-advantaged savings toward a down payment per person. For a couple purchasing together where both are first-time buyers, the combined access is up to $200,000 — sufficient for a 20% down payment on a $1,000,000 Markham home, eliminating CMHC mortgage insurance entirely. This is the complete picture that renders the “I can’t afford Markham” conclusion premature for many buyers who have been diligently saving in these accounts.

Program 4 — The First-Time Home Buyers’ Tax Credit (HBTC) — $1,500 Tax Refund

The federal government provides a First-Time Home Buyers’ Tax Credit of up to $10,000, resulting in a $1,500 tax refund. Claim it on Line 31270 of your T1 personal income tax return in the year you purchase. For most working Markham buyers, the full $1,500 credit will be realized.

Program 5 — Ontario Land Transfer Tax Rebate — Up to $4,000

The Ontario LTT rebate of up to $4,000 is applied directly against the LTT payable at closing. For a $1,200,000 Markham purchase, the LTT of $20,475 is reduced to $16,475. Remember: Markham buyers already save approximately $20,000 versus Toronto buyers who pay a second municipal LTT — making Markham genuinely more affordable at the closing table than an equivalent Toronto purchase.

Program 6 — 30-Year Amortizations for First-Time Buyers of New Builds

As of August 2024, insured mortgages can have 30-year amortizations for first-time homebuyers purchasing newly constructed homes. A 30-year vs. 25-year amortization reduces monthly payments on a $900,000 insured mortgage at 4.5% by approximately $280 per month — meaningful cash flow relief that improves qualification and housing cost sustainability.

Program 7 — The HST Rebate on New Construction — Up to $130,000

For first-time buyers (and all buyers) purchasing a new Markham home under a purchase agreement signed before March 31, 2027, the full 13% HST rebate of up to $130,000 applies on homes valued up to $1,000,000. On a $700,000 new Markham condo, the HST rebate is $91,000. On a $900,000 Gallery Towers unit, the rebate is $117,000. First-time buyers who combine this rebate with the FHSA, HBP, LTT rebate, and HBTC are accessing the most favourable financial entry point to Markham real estate in the city’s history.

The Combined Stack — What a Markham First-Time Buyer Couple Can Access

Total financial benefit stack for a Markham first-time buyer couple purchasing a new $900,000 condo in 2026 with fully maximized savings: $324,000 in total government-supported financial benefit. This is a genuinely extraordinary level of support. Most first-time buyers in Markham are not accessing anything close to the full available stack. Michael John Lau and Neeraj Moolchandani, top real estate agents in Markham Ontario and CPA/CMA, walk through the complete financial picture with every first-time buyer client before any offer is made.