FHSA and Home Buyers' Plan: how much toward your down payment?
Each first-time buyer can save up to $40,000 in a First Home Savings Account and withdraw up to $60,000 from an RRSP under the Home Buyers' Plan. Two buyers who open FHSAs in 2025, save $8,000 a year each and hold $45,000 of RRSPs could have about $94,946 by 2028.
Figures as of 2026-11-03.FHSA and Home Buyers' Plan calculator
How much your First Home Savings Account and RRSP withdrawals can put toward the down payment, and what you repay.
- FHSA balance per buyer
- $24,973
- $24,000 contributed
- Tax refunds from FHSA deductions, per buyer
- $7,116
- Home Buyers' Plan per buyer
- $22,500
- limit $60,000
- HBP repayments
- $3,000 a year
- from 2033, over 15 years
- Home buyers' amount (federal credit)
- $1,400
Estimate, not advice. Educational estimate only, not financial, mortgage, tax or legal advice. Lenders, insurers and governments set their own rules and can change them; confirm with a licensed professional before you decide.
About $94,946 toward the down payment by 2028: $49,946 from FHSAs and $45,000 from the Home Buyers' Plan.
Show the numbers
| FHSA balance | |
|---|---|
| 2025 | $8,000 |
| 2026 | $16,320 |
| 2027 | $24,973 |
Assumptions & sources
Assumptions
- FHSA: $8,000 a year, up to $8,000 of unused room carried forward, $40,000 lifetime (CRA). Withdrawals for a qualifying home are tax-free and don't need to be repaid.
- Home Buyers' Plan: up to $60,000 per buyer from an RRSP; repayments over 15 years, starting the fifth year after a 2022–2028 withdrawal, otherwise the second (CRA).
- Growth is a steady return you choose; markets vary. Calculations by the shared MITEY engines, rules as of 2024-04-16.
Sources
- Canada Revenue Agency — Contributing to your FHSA (effective September 17, 2026). Checked .
- Canada Revenue Agency — What is the Home Buyers' Plan (effective February 17, 2026). Checked .
- Canada Revenue Agency — Line 31270 – Home buyers' amount (effective July 29, 2026). Checked .
How does this calculator work?
FHSA room is $8,000 a year plus up to $8,000 carried forward, to $40,000 per person; withdrawals for a qualifying first home are tax-free. The Home Buyers' Plan lets each first-time buyer withdraw up to $60,000 from an RRSP and repay it over 15 years. The calculations come from the shared MITEY engines with the CRA rules in force. Then test the total as your down payment in the readiness check.
| FHSA contributions | $8,000 a year each, 4% growth |
|---|---|
| RRSP savings for the HBP | $45,000 |
| FHSA balance per buyer | $24,973 |
| Tax refunds per buyer (illustrative 29.65% rate) | $7,116 |
| Home Buyers' Plan, household | $45,000repaid $3,000 a year from 2033 |
| Toward the down payment | $94,946 |
Open this example in the calculator →Computed November 3, 2026.
Frequently asked questions
Can I use both an FHSA and the Home Buyers' Plan?
Yes. Since 2023 a first-time buyer can withdraw from an FHSA and use the Home Buyers' Plan for the same home (CRA).
Do I have to repay FHSA withdrawals?
No. A qualifying FHSA withdrawal is tax-free and isn't repaid. Home Buyers' Plan withdrawals must be repaid to your RRSP over 15 years.
Primary sources
- Canada Revenue Agency — Contributing to your FHSA. Checked .
- Canada Revenue Agency — First Home Savings Account (FHSA). Checked .
- Canada Revenue Agency — What is the Home Buyers' Plan. Checked .
- Canada Revenue Agency — Line 31270: Home buyers' amount. Checked .
- Financial Consumer Agency of Canada — Down payment and mortgage loan insurance. Checked .