First-Time Home Buyer’s Credit (FTHBC):

The FTHBC is a government program geared towards buyers like you. The objective is to reduce costs associated with purchasing a home. As a first time buyer, you are eligible for a 15% income tax credit on a maximum of $5,000 of home purchase costs such as legal fees and land transfer taxes. It can be claimed for the taxation year that you acquired the house.

You are considered to be a first time buyer if neither you and your spouse or common-law partner has owned and lived in another home in the year of the purchase or in any of the four previous years.  

First-Home Savings Account (FHSA):

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The FHSA allows for $8,000 to be contributed annually to a maximum of $40,000. Contributions are tax deductible, and withdrawals tax free. A FHSA must be opened before the end of the year to activate the contribution room for the next year. Any amount may be contributed, but opening the account will create the contribution room that may carried forward.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html

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