The Home Buyers' Plan allows a tax-free RRSP withdrawal of up to $60,000 per person, repaid over 15 years, and the First Home Savings Account allows up to $8,000 a year to a $40,000 lifetime limit, both administered under Canada Revenue Agency rules. Neither is a grant, since both use money you've already saved rather than new funds.
Because the tax credits arrive the following spring, a first-time buyer in Saskatoon should plan cash to close, including legal fees of $800 to $1,500 and a home inspection at $400 to $600, from savings rather than counting on a refund.
Joel Dyck helps buyers understand which programs genuinely reduce their cost against the citywide benchmark of $444,700, and which just shift the timing of the money. Get your hand-reviewed valuation from Joel Dyck.