06/23/2026
First-time home buyers in Canada may be able to leverage two government programs to help 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 funds available for a down payment.
Want to learn how these programs could fit into your home buying plans? Connect with your Mortgage Alliance Professional today.