Add your cash, FHSA and RRSP balances and a target price to see how they stack up against the minimum down payment and closing costs.
Two registered plans can fund a first down payment in Canada: the First Home Savings Account (FHSA) and the RRSP Home Buyers’ Plan (HBP). They are not either-or. This page sets out the limits and how they differ; the planner then stacks them with your cash and your target price.
The two plans side by side
| FHSA | RRSP Home Buyers’ Plan | |
|---|---|---|
| What it is | A registered account for saving toward a first home | A way to withdraw from your RRSP to buy or build a qualifying home |
| Limit | $8,000 of room a year, $40,000 for life; unused room carries forward up to $8,000 | $60,000 withdrawal limit |
| Tax treatment | Contributions are generally deductible and a qualifying withdrawal is tax-free | You are not taxed on the withdrawal if you repay it to your RRSP on schedule |
| Repayment | None for a qualifying withdrawal | Over 15 years; for a first withdrawal in 2026 to 2028 it starts in the fifth year after the year of withdrawal |
| Where the money comes from | New contributions (or a transfer from your RRSP, which is not deductible) | Money already in your RRSP |
Both plans have eligibility and timing conditions that this page does not check, including how long contributions must stay in an RRSP before an HBP withdrawal. Read the CRA pages in the sources below.
Using both together
The most you can draw from the two plans is $40,000 from an FHSA plus $60,000 from an RRSP, which is $100,000, before any other savings. For comparison, the minimum down payment on a $900,000 home is $65,000 and on a $1,000,000 home it is $75,000. Closing costs come on top, in cash.
How much you actually hold in each account is what matters, and that depends on how long you have been saving. The planner takes your cash, FHSA balance and RRSP balance, applies the limits above, subtracts closing costs, and shows how long it takes to reach the minimum down payment.
Which should you use first?
That depends on your income, your tax situation and your timeline, so this page does not pick one. A tax professional or your lender can help you choose. What the planner can show you is how much each source adds toward the down payment, so you can see the effect of using one, the other, or both.
Common questions
Can I use my FHSA and the Home Buyers' Plan for the same home?
Yes. The CRA says you can make an HBP withdrawal from your RRSP and a qualifying withdrawal from your FHSA for the same qualifying home, as long as you meet all of the conditions at the time of each withdrawal.
How much can I take out under the Home Buyers' Plan?
The HBP withdrawal limit is $60,000. You repay it to your RRSP over 15 years. For a first withdrawal made between January 1, 2026 and December 31, 2028, repayment starts in the fifth year after the year of the withdrawal, so a 2026 withdrawal means a first repayment year of 2031.
How much can I put in an FHSA?
Participation room is $8,000 a year up to a lifetime limit of $40,000. Unused room carries forward, up to $8,000, so you can contribute at most $16,000 in one year.
Sources
- canada.ca (CRA) - Participating in your FHSAs. Checked October 26, 2026.
- canada.ca (CRA) - The Home Buyers' Plan. Checked October 26, 2026.
- canada.ca (FCAC) - How much you need for a down payment. Checked October 26, 2026.
- CRA: First home savings account (FHSA).
Every figure on this page comes from data/rules.json, the same file the calculators use, so the page and the tools always agree. Rules last verified: . See how the calculators work.
Related tools and guides
Estimates only. Not tax, legal or financial advice.
These are planning estimates built from the public rules linked in the sources, the numbers you enter and typical-cost assumptions. They are not a quote, a mortgage pre-approval or a lender's decision, and they are not tax, legal, mortgage or financial advice. Rules change and your situation may differ, so confirm with the official pages and a qualified professional (a lawyer or notary, an accountant, your lender). See Disclosures and Methodology.