The First Home Savings Account is the newest and often most valuable piece, letting a buyer contribute up to $8,000 a year to a $40,000 lifetime limit, with the deduction reducing your tax bill the year you contribute and the eventual withdrawal tax free. The Home Buyers' Plan lets you pull up to $60,000 from an RRSP, repaid over 15 years.
Timing is what trips people up. These accounts and withdrawals need to be arranged before your mortgage pre-approval closes in on a specific price, not scrambled together after you have already made an offer.
Joel Dyck coordinates the timing with your mortgage broker so nothing is left to the last week. Get your hand-reviewed valuation from Joel Dyck.