Buying your first home is an exciting milestone, but it can also be a financially daunting one. Fortunately, the Québec government offers several tax breaks and incentives to help ease the burden on first-time homebuyers. So, if you’re about to take the plunge into homeownership in La Belle Province, here’s what you need to know to take advantage of these money-saving opportunities.

First and foremost, you should be aware of the Québec Home Buyers’ Plan (HBP). This federal program allows first-time homebuyers to borrow up to $35,000 from their registered retirement savings plans (RRSPs) to put toward the purchase of a property. This can be a significant help in scraping together a down payment, as you’re essentially borrowing from yourself, and you won’t be taxed on the withdrawal as long as you repay it within 15 years. Both individuals in a couple can take advantage of this program, potentially doubling the amount available for a down payment.

Another tax break to look out for is the First-Time Home Buyers’ Tax Credit. This Québec provincial tax credit offers up to $750 in tax relief to eligible homebuyers. To qualify, you must meet certain conditions, including being a first-time buyer and having a qualifying home that serves as your primary place of residence. This tax credit can help offset some of the various closing costs associated with buying a home, such as legal fees, inspections, and land transfer taxes.

Speaking of land transfer taxes, Québec offers an additional rebate specifically for this cost. The amount you can receive depends on the purchase price of your property, but it can be a substantial savings. For example, if you buy a home in Montréal, you may be eligible for a rebate of up to $4,614, which is certainly nothing to sneeze at! These are just a few of the tax breaks available to first-time homebuyers in Québec.