Home Ownership
The Principal Residence Exemption, FHSA strategies, tenant protections, and rights homeowners often overlook.
Available Loopholes
Each entry below is a plain-English guide to a specific Canadian legal right, rule, or workaround — including the exact laws and regulations that back it up.
Home Accessibility Tax Credit (HATC) — Up to $3,000 Back on Renovation Costs
Canadians 65+ or those eligible for the Disability Tax Credit can claim a 15% federal tax credit on up to $20,000 of qualifying accessibility renovations per year.
Home Buyers' Amount — Claim a Federal Tax Credit on Your First Home Purchase
Canada's home buyers' amount lets eligible first-time home buyers claim up to $10,000 federally, reducing tax otherwise owing.
Mortgage Prepayment Disclosure Rights — Make the Bank Show the Penalty Math
Federally regulated lenders must disclose mortgage prepayment privileges and penalties.
Mortgage Renewal Notice Rights — Get Time to Shop Instead of Auto-Renewing at a Bad Rate
Federally regulated lenders must give advance notice before renewing a mortgage.
RRSP Home Buyers' Plan — Borrow $35,000 Tax-Free from Your Own Retirement Savings
First-time homebuyers can withdraw up to $35,000 from their RRSP tax-free to buy or build a qualifying home — and repay it over 15 years with no interest charged by CRA.
Senior Property Tax Deferral — Defer Your Property Taxes Until You Sell Your Home
Several provinces allow seniors to defer payment of annual property taxes — with interest accruing at low rates — until the home is sold or transferred, preserving cash flow in retirement.
Condo Status Certificate — What to Review Before Buying a Condo (and Your Right to Get One)
A condo corporation must provide a Status Certificate within 10 days of a request — it reveals reserve fund shortfalls, pending special assessments, litigation, and arrears that could cost you thousands after purchase.
FHSA From RRSP Transfer — Move Existing Retirement Money Into an FHSA Without Using Cash Flow
You can move money directly from an RRSP into an FHSA without immediate tax, but the transfer uses FHSA room and does not create a new deduction.
GST/HST New Housing Rebate — For New Builds, Substantial Renovations, and First-Time Buyers
First-time buyers of new homes, and homeowners who substantially renovate a property, can claim a GST/HST rebate from the federal government — and first-time buyers of homes up to $1 million are now eligible for rebates of up to $50,000 under rules that took effect December 2024.
GST/HST New Residential Rental Property Rebate — Recover Tax on a New Rental or Basement Suite
Landlords and some owner-builders can recover part of the GST/HST on certain new residential rental properties, including some secondary suites and long-term rental conversions.
CMHC Mortgage Default Insurance — When You Can Stop Paying and How to Track Your Equity
CMHC mortgage default insurance (CMHC premium) is a one-time upfront cost on high-ratio mortgages — but unlike US PMI, it doesn't automatically cancel when you reach 20% equity. Understanding how it works prevents confusion about your ongoing costs.
Multigenerational Home Renovation Tax Credit — Get Up to $7,500 for a Secondary Unit
The Multigenerational Home Renovation Tax Credit is a refundable federal credit worth 15% of up to $50,000 of qualifying renovation expenses to create a self-contained secondary unit for a senior or an adult eligible for the disability tax credit.
New Home Builder Warranty — Statutory Warranty Rights on New Construction in Canada
Every new home in Ontario is backed by a mandatory Tarion warranty covering deposit protection, defects, and major structural issues for up to 7 years — and builders cannot contract out of it.
Principal Residence Exemption (PRE)
Capital gains on the sale of a Canadian principal residence are fully tax-exempt — with no dollar cap.
Property Assessment Appeal — Challenge Your Assessed Value to Reduce Property Taxes
Your property's assessed value determines your property taxes — if the assessment is inaccurate or higher than comparable properties, you can formally appeal it and potentially reduce your tax bill for up to 4 years.
Strata Reserve Fund Disclosure — What BC Condo Buyers Must Know Before Purchasing
BC strata corporations must disclose their reserve fund study, financial statements, and depreciation report before you buy — a weak reserve fund means future special levies that become your responsibility.
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