08/26/2026
I talk about buying homes all the time… but now that I’m personally saving for my own home, I’ve been paying a lot more attention to where I’m putting my money. 🏡🤎
Here’s what I’ve learned:
FHSA → This has become a big part of my own home-saving strategy. Contributions are generally tax-deductible, and qualifying withdrawals for your first home are tax-free.
TFSA → More flexible. Your money can grow tax-free and withdrawals are generally tax-free, so it can be useful when you want access to your savings.
RRSP → Eligible buyers can use the Home Buyers’ Plan to withdraw up to $60,000 toward a qualifying home, but unlike the FHSA, that money generally needs to be repaid.
Going through the process myself has made me realize that saving for a home isn’t only about how much you save, where you save it matters too.
Figured I’d share what I’m learning along the way. 🤎
General information only. Everyone’s financial situation is different, so speak with a qualified financial professional about what works for you.
