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FHSA + RRSP Home Buyers' Plan
See how much you can build toward a down payment using Canada's tax-advantaged first-home programs.
Not financial advice. This FHSA and RRSP HBP calculator is for educational and illustrative purposes only. Results are estimates and do not account for all individual circumstances. Always consult a licensed mortgage professional, financial advisor, or real estate lawyer before making any financial decisions.
First Home Savings Account (FHSA)
Annual limit: $8,000
Lifetime max: $40,000
Tax deductible: Yes
Withdrawals: Tax-free
$
Room remaining: $24,000
$
RRSP Home Buyers' Plan
Max withdrawal: $35,000
Repay over: 15 years
$
$
Repayment: $2,333/yr for 15 years
Total Available for Down Payment
$75,000
FHSA in 3 years$40,000
Tax savings from FHSA+$7,920
RRSP HBP withdrawal$35,000
Annual HBP repayment$2,333/yr
Total down payment$75,000
At $8,000/yr, your FHSA will be maxed in 3 years. Max out early to grow your tax-free savings longer.
Key rules
- • FHSA unused room carries forward (max +$8k extra)
- • Must be a first-time buyer to open FHSA
- • HBP: RRSP funds must have been on deposit 90+ days
- • HBP repayments start 2 years after withdrawal
- • FHSA + HBP can be combined on same purchase