Acres

FHSA and HBP

How much your First Home Savings Account and RRSP can put toward your down payment, and what you'll get back at tax time.

Toward your down payment

$45,469

In 3 years

You

First-time buyers
Each person gets their own limits

FHSA

$
Up to $8,000 a year and $40,000 in total
$
$
Counts toward the limit
%
Per year
%
On your last dollar

Home Buyers' Plan

$
Up to $60,000. The money must have been in the RRSP for at least 90 days.

First Home Savings Account

Your contributions
$24,000
Investment growth
$1,469
FHSA balance when you buyTax-free to withdraw for a qualifying first home
$25,469
Tax refunds along the wayContributions are deductible, like an RRSP
$7,200

RRSP Home Buyers' Plan

Withdrawal
$20,000
Repayment per yearOver 15 years. First withdrawals from 2026 to 2028 start repaying in the fifth year after
$1,333
You can use both for the same home. FHSA money never has to be paid back; Home Buyers' Plan money does, or the missed amount is added to your income that year.
How it works
  • You can contribute up to $8,000 a year to an FHSA, to a lifetime limit of $40,000. Contributions are tax-deductible and qualifying withdrawals are tax-free.
  • The Home Buyers' Plan lets each first-time buyer withdraw up to $60,000 from their RRSP and repay it over 15 years.
  • You can use both for the same home, and a couple buying together each get their own limits.
  • Tax refunds are estimated as contributions times your marginal tax rate.

Sources

CRA: First Home Savings AccountCRA: The Home Buyers' Plan

Estimate only, not tax advice. Assumes contributions at the start of each year and a steady return. Unused FHSA room (up to $8,000) carries forward a year, which this simple projection doesn't model.