First Home Savings Plan

First home savings plan

What you have now

What you'll save

Estimate only. With a partner, amounts are for both of you together and each of you has your own FHSA and Home Buyers' Plan limits. Tax refunds are shown but not added to your savings. Confirm details with your bank and CRA.

The rules

First Home Savings Account (FHSA)

• For first-time buyers 18 or older, living in Canada: you haven't lived in a home you or your partner owned this year or in the last 4 years.
• Contribute up to $8,000 a year and $40,000 in total. Room starts the year you open the account, and up to $8,000 of unused room carries into the next year.
• Contributions are tax deductible, and withdrawals for your first home are tax free. Nothing is paid back.
• The account must be used or closed within 15 years of opening (or by the end of the year you turn 71).

RRSP Home Buyers' Plan (HBP)

• Withdraw up to $60,000 from your RRSP each, so up to $120,000 for a couple.
• Money must be in the RRSP at least 90 days before you withdraw it.
• Pay it back to your RRSP over 15 years. For a first withdrawal up to the end of 2028, repayments start in the fifth year after; otherwise in the second year.
• You can use the FHSA and the HBP together for the same home.

Minimum down payment

• 5% of the first $500,000, plus 10% of the part from $500,000 to $1,500,000.
• Homes at $1,500,000 or more need 20% down.
• Under 20% down, CMHC insurance is added to the mortgage; the 7% PST on it is paid in cash at closing.

BC first-time buyer transfer tax exemption

• Up to $8,000 off the property transfer tax on homes up to $835,000, phasing out to $860,000.

Sources: CRA: FHSA, CRA: Home Buyers' Plan, 2026 budget update (HBP grace period to 2028). Checked October 2026.