First-time buyers have two tax-advantaged ways to save for a home. Used together, they can supercharge your down payment.
First Home Savings Account (FHSA)
- Contribute up to $8,000 per year, $40,000 lifetime
- Contributions are tax-deductible
- Qualifying withdrawals are tax-free and never have to be repaid
- Unused room carries forward (up to $8,000)
RRSP Home Buyers’ Plan (HBP)
- Withdraw up to $60,000 per person tax-free
- Repay over 15 years (repayments start in the fifth year after withdrawal)
- Funds must be in your RRSP for at least 90 days before withdrawal
Stacking them
You can use both for the same purchase. A couple could access up to $200,000 combined ($40K FHSA + $60K HBP each).
Tip: open your FHSA as early as possible, even with a small deposit, to start building contribution room.
Limits as of 2026. Confirm details with your financial advisor or the CRA.