FHSA and the Home Buyers' Plan: how first-time buyers use both

The FHSA is a registered savings account for first-time buyers in Canada. You can contribute up to $8,000 per year, to a $40,000 lifetime limit. Contributions are tax-deductible, and withdrawals used to buy a qualifying first home are tax-free.

The HBP lets eligible first-time buyers withdraw up to $60,000 tax-free from their RRSP to use toward a down payment.

First-time buyers in Ontario can receive a land transfer tax rebate of up to $4,000. If you buy inside the City of Toronto, you may also qualify for a Municipal Land Transfer Tax rebate of up to $4,475.

We structure your down payment using the tax-free savings tools available and calculate exact closing costs, so there are no surprises.

Rules and figures current as of October 2026.