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Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
Complete guide to every provincial and federal program available to first-time homebuyers in New Brunswick in 2025.
KOHO's no-fee banking helps you save faster toward your down payment. Code BREMO2026 = $20 bonus.
Open KOHO Free — Code BREMO2026| Program | Level | Benefit | Max Value |
|---|---|---|---|
| NB LTT First-Time Buyer Rebate | Provincial | Rebate on land transfer tax | $3,000 |
| First Home Savings Account (FHSA) | Federal | Tax-deductible contributions; tax-free withdrawals | $8,000/yr, $40,000 lifetime |
| RRSP Home Buyers' Plan | Federal | Withdraw RRSP funds tax-free for first home | $35,000/person |
| First-Time Home Buyer Tax Credit | Federal | Non-refundable federal tax credit | Up to $1,500 |
| GST/HST New Housing Rebate | Federal/Provincial | Partial rebate on HST for new construction | Varies by price |
| CMHC Mortgage Insurance | Federal | Enables purchase with 5% down | Market access |
New Brunswick's most direct first-time buyer incentive is the provincial land transfer tax rebate of up to $3,000. Applied at closing by your lawyer, it reduces or eliminates the LTT on most NB home purchases. Both buyers on title must qualify as first-time buyers. You must move in within 6 months. No application fee and no waiting for a refund — it's deducted at closing.
The FHSA is the most powerful new tool for NB first-time buyers. You can contribute $8,000/year (lifetime limit $40,000), deduct contributions from your taxable income, and withdraw the entire balance tax-free when purchasing your first home. For a couple, that's up to $80,000 completely sheltered. Open your FHSA as early as possible — unused room carries forward and contribution room begins accumulating from the year you open the account.
The RRSP Home Buyers' Plan allows each first-time buyer to withdraw up to $35,000 from their RRSP tax-free to purchase a home. A couple can withdraw $70,000 combined. The withdrawn amount must be repaid to your RRSP over 15 years (1/15 per year) or included as income. Best used when your RRSP is well-funded — pairs well with the FHSA.
Savvy NB first-time buyers stack multiple programs simultaneously:
A couple buying a $320,000 Moncton home could realistically access $80,000+ in combined FHSA/RRSP savings plus $3,000+ in rebates/credits — a transformative advantage.
No monthly fees anywhere in Canada. Code BREMO2026 = $20 welcome bonus.
Try KOHO Free in New Brunswick