06/23/2026
As a first-time home buyer, you may be able to take advantage of two government programs designed to help you build a larger down payment while benefiting from valuable tax advantages.
The RRSP Home Buyers’ Plan (HBP) allows eligible individuals to withdraw up to $60,000 from their RRSP toward a qualifying home purchase, subject to repayment requirements. The First Home Savings Account (FHSA) offers tax-deductible contributions of up to $8,000 annually, up to a $40,000 lifetime limit, along with tax-free growth and qualifying tax-free withdrawals for a first home purchase.
For eligible buyers, these programs may be used together to increase the funds available for your down payment.
Not sure how these programs fit into your home buying plans? Reach out and I’d be happy to help you explore your options.