Home buyers and property Quick guide
First-time home buyer in BC? 5 tax programs to check before you close
Check five things before you close. The FHSA, where you can save up to $8,000 a year and $40,000 in total, tax free for a first home.
Life events › Buying a home
Buying a home
Buying a home connects the first-time buyer programs and the GST rebate, the FHSA and the Home Buyers' Plan, four insurance products that protect different risks, the rules for a rented suite, and the reporting required when the home is eventually sold.
How the pieces connect
- FHSA and Home Buyers' Plan
- First-time buyer programs and GST rebate
- Mortgage default insurance
- Mortgage life vs personal life insurance
- Home and title insurance
- Co-signers and bare trusts
- Principal residence reporting
Insurance, TFSAs, RRSPs, RESPs and tax planning solve different problems. The goal is not to sell one product as the answer to everything. Each path below shows how the pieces connect for one event, and which guide to read for each piece.
Guides for this path, in reading order
Home buyers and property Quick guide
First-time home buyers' GST rebate: 7 reasons a claim is delayed or refused
Allow about 120 days. The CRA says that from May 11, 2026 it is processing a higher than usual volume of housing rebates, first in, first out.
Insurance Quick guide
Title insurance, mortgage default insurance, mortgage life insurance and home insurance: what does each one cover?
Mortgage default insurance protects the lender if you stop paying. It is required when the down payment is under 20%.
Insurance Quick guide
Mortgage life insurance and personal life insurance: what is different?
Mortgage life insurance from your lender is optional. It pays the outstanding mortgage balance to the lender rather than to your family.
CRA updates Tax update
Co-signed your child's mortgage? What the 2026 bare trust rules may mean for you
A bare trust exists when one person holds legal title but someone else owns the property in substance.
Home buyers and property Practical guide
Renting out your basement suite: what records should you keep?
Report the rent you receive on your tax return. You can deduct the expenses of the rented part.
Home buyers and property Quick guide
7 basement suite tax mistakes homeowners should avoid
The seven mistakes. Not reporting the rent. Claiming the whole house's costs instead of the suite's share.
Insurance Quick guide
Had a baby, got married or bought a home? Review these 7 beneficiary and protection decisions
Seven decisions. Who is the successor holder of your TFSA. Who is the beneficiary of your RRSP or RRIF.
Home buyers and property Quick guide
Selling your home? 5 tax things people forget
Even when no tax is owed, the sale of your home must be reported on your tax return for the year of sale.
Insurance Quick guide
Term life and permanent life insurance: what should you compare?
Term life insurance pays a benefit if you die within a fixed period, such as 10 or 20 years, or before a set age.
What belongs with a lawyer: Conveyancing, title and the mortgage documents are handled by your lawyer or notary.
Other life events
Want this worked through for your situation?
Call us or request a callback. We explain the tax side; insurance is arranged by Parminder Singh Oberoi through Punjab Insurance Agency Inc.; legal documents need a lawyer or notary.