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FHSA + HBP down payment planner
Project your FHSA and RRSP Home Buyers’ Plan savings and see your HBP repayment schedule. ✓ Rules checked Oct 10, 2026
FHSA projection (per person)
How the FHSA and Home Buyers’ Plan work together
FHSA: $8,000 of participation room per year from the year you open it, $40,000 lifetime. Unused room carries forward but only up to $8,000, so you can contribute at most $16,000 in a year. Contributions are deductible and qualifying withdrawals are tax-free. The account can stay open up to 15 years (or until 71). HBP: withdraw up to $60,000 from your RRSPs tax-free to buy a qualifying home (per person). You must repay over 15 years: repayments start the 2nd year after the year of your first withdrawal; for first withdrawals made Jan 1, 2022 – Dec 31, 2025, a temporary relief delays the start to the 5th year. Missed repayments are added to your income. You can use the FHSA and HBP for the same purchase.
FHSA + HBP down payment planner: frequently asked questions
Can I use both FHSA and HBP?
Yes — since 2023 you can withdraw from both for the same qualifying home.
Does carryforward start before I open an FHSA?
No. Room only starts accumulating in the year you open your first FHSA.
Do I need to be a first-time buyer for HBP?
Generally yes: you (and your spouse) didn’t live in a home you owned in the current year or prior four calendar years (exceptions for marriage breakdown and disability).
What if I don’t repay HBP?
The missed minimum for that year is added to your taxable income.
Are FHSA contributions limited by income?
No. Unlike RRSPs, FHSA room doesn’t depend on earned income.
Official sources
Rules checked Oct 10, 2026. Estimates only — confirm with official sources and a professional.