{"id":4307,"date":"2026-02-20T18:42:15","date_gmt":"2026-02-20T18:42:15","guid":{"rendered":"https:\/\/wp.springfinancial.ca\/?p=4307"},"modified":"2026-02-20T18:42:16","modified_gmt":"2026-02-20T18:42:16","slug":"rrsp-homebuyers-plan-vs-fhsa","status":"publish","type":"post","link":"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/rrsp-homebuyers-plan-vs-fhsa\/","title":{"rendered":"RRSP Homebuyer\u2019s Plan vs FHSA"},"content":{"rendered":"\n<p>One way many homeowners have come up with the down payment to purchase their first home is by using their <a href=\"https:\/\/www.springfinancial.ca\/blog\/save-and-invest\/are-rrsps-worth-it\">RRSP<\/a> in order to cover all or a partial amount of that down payment. The reason for this is tax savings, as well as already having the funds put away for retirement.<\/p>\n\n\n\n<p>That said, the federal government has come up with a new way to save for your first home purchase. It\u2019s called the First Home Savings Account, and you can use it as a method of tax savings as well as to purchase your first home. Let\u2019s take a look at how these two registered accounts are similar yet different.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>FHSA: How It Works<\/strong><\/h2>\n\n\n\n<p>The First Home Savings Account is a registered account that allows Canadians to save money as first-time home buyers to purchase or build a qualifying home. However, just like with other registered accounts, there are annual contribution limits that you need to stay within, as well as lifetime contribution limits. This is mostly due to the fact that the FHSA is a registered account, and all contributions are generally tax-deductible.&nbsp;<\/p>\n\n\n\n<p>Currently, for the FHSA, the annual contribution limit is $8,000, and the lifetime contribution limit is $40,000. However, whenever you open an FHSA, you should claim it on your most recent income tax and benefit return so it can be registered. You\u2019d do this even if you haven\u2019t deposited any FHSA contributions into this account.&nbsp;<\/p>\n\n\n\n<p>It\u2019s important to keep in mind, though, that before you open an FHSA, you need to meet the requirements. These requirements are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You must be at least 18 years of age<\/li>\n\n\n\n<li>You must be under the age of 71 by the end of the same calendar year you open the account<\/li>\n\n\n\n<li>You must be a Canadian Resident<\/li>\n<\/ul>\n\n\n\n<p>Plus, you and your spouse\/common-law partner must not have lived in a qualifying home that either you or your partner owns in the last 4 calendar years. As long as you meet all of these conditions, you\u2019re then able to open the account. That said, not all financial institutions offer FHSAs, so you should check and see if they do before you book an appointment.&nbsp;<\/p>\n\n\n\n<p>It\u2019s also important to remember that while FHSA contributions are tax-deductible, only contributions made in the calendar year can be claimed for the tax year. Unlike RRSP contributions, contributions made to your FHSA from January 1 until the end of February can\u2019t be claimed on the previous year\u2019s income tax return.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Advantages<\/strong><\/h3>\n\n\n\n<p>While the FHSA is relatively new, there are many reasons why it\u2019s a great option for those looking to purchase their first home. With this account, you can grow and use your funds tax-free.&nbsp;<\/p>\n\n\n\n<p>In order to do so, though, you do have to verify that your funds are being used for a qualifying home purchase to ensure your withdrawals are tax-free. Plus, if you\u2019re unable to use all of your funds, or are unable to, you can transfer funds to an RRSP or RRIF instead of cashing the funds out.&nbsp;<\/p>\n\n\n\n<p>Another great thing about FHSAs is that you can carry forward any available contribution room. This means if you don\u2019t use the full $8,000 for one year, the remaining amount will be added to your $8,000 contribution room for the next year. This will continue until you\u2019ve reached the lifetime limit or need to close the account.&nbsp;<\/p>\n\n\n\n<p>When you go to use your FHSA, you don\u2019t have to use all of your funds at the same time. You can make as many qualifying withdrawals as you like as long as they are all for the same qualifying home purchase.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Disadvantages<\/strong><\/h3>\n\n\n\n<p>While the FHSA is a great tool to save for your first home, it does have some limitations. For one, FHSA can only stay open until the 15th anniversary of opening your first one. They must also be closed within one year of your first qualifying withdrawal or by the end of the year that you turn 71.&nbsp;<\/p>\n\n\n\n<p>Another drawback to FHSAs is that only the account holder can deposit funds into the account. This means that you\u2019re unable to deposit funds into your child or spouse\u2019s FHSA; you can only deposit into your own FHSA.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>RRSPs: How They Work<\/strong><\/h2>\n\n\n\n<p>RRSPs, also referred to as Registered Retirement Savings Plans, are registered savings accounts designed to help you save money for retirement. With RRSPs, you\u2019re allotted an annual contribution amount.&nbsp;<\/p>\n\n\n\n<p>This amount changes every year and is based on your annual income. That said, the 2026 annual contribution amount is 18% of the income you earned in 2025 or $33,7810. The lower amount is the one that applies to you.&nbsp;<\/p>\n\n\n\n<p>With RRSPs, there\u2019s no minimum age for opening one up. However, some financial institutions themselves prefer you to be of the age of majority before you open one. This is 18 or 19, depending on where in Canada you live.&nbsp;<\/p>\n\n\n\n<p>The only stipulations when you open an RRSP are that you must be a Canadian Resident, you must have filed a tax return before, and you must have earned income. You can then keep an RRSP open until the end of the year you turn 71.<\/p>\n\n\n\n<p>From there, the funds need to be turned into an RRIF (Registered Retirement Income Fund). If you want to take out funds without turning them into an RRIF, then you\u2019ll have tax consequences unless you take the funds out through the Lifetime Learning Program or the Homebuyers Program.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.springfinancial.ca\/apply-now?SID=blog&amp;utm_source=blog&amp;utm_medium=inlinebanner&amp;utm_content=rrsp-homebuyers-plan-vs-fhsa\"><img decoding=\"async\" style=\"display: block; margin-left: auto; margin-right: auto;\" src=\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2026\/03\/BlogBanner.png\" \/><\/a><\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>RRSP Homebuyers Plan<\/strong><\/h2>\n\n\n\n<p>The RRSP Homebuyers Plan allows you to make RRSP withdrawals and use them towards the purchase of your first home without paying any taxes. However, when you use the funds from your RRSP using this program, you do have to pay them back within 15 years.&nbsp;<\/p>\n\n\n\n<p>When you go to take funds from this account, you can only do so if it\u2019s unlocked. Locked RRSPs don\u2019t allow you to withdraw money before a certain time period. Also, you can only take up to $35,000 in tax-free withdrawals with the HBP. If you take out more, you will have to pay withholding taxes on the rest.&nbsp;<\/p>\n\n\n\n<p>Before you can participate in the program, though, you must meet the following conditions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You must be a first-time home buyer<\/li>\n\n\n\n<li>You must have a written agreement to build or purchase a qualifying home<\/li>\n\n\n\n<li>You must be a Canadian Resident<\/li>\n\n\n\n<li>You must intend to live in the home as your principal place of residence within one year of building or purchasing your first home.<\/li>\n<\/ul>\n\n\n\n<p>It\u2019s also important to note that you don\u2019t have to start paying back the funds to your RRSP right away. You have 2 years after the year you purchase the home before you have to start paying back the funds.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Advantages<\/strong><\/h3>\n\n\n\n<p>The great thing about the RRSP homebuyers plan is that if you don\u2019t have designated funds for down payment savings but are looking to purchase a home, you have access to these funds.&nbsp;<\/p>\n\n\n\n<p>You have up to $60,000 to use, and you can use both yours and your spouse\u2019s for the same first home purchase. Plus, you can contribute to your spouse\u2019s RRSP as well, even opening up a spousal RRSP.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Disadvantages<\/strong><\/h3>\n\n\n\n<p>While the RRSP homebuyers program is a great tool to get the funds you need to purchase your first home, there are some disadvantages as well. The main one is the fact that you have to pay back the funds.<\/p>\n\n\n\n<p>You\u2019ll have a certain amount that you\u2019ll have to claim towards this every year. If you\u2019re unable to make your minimum annual repayment in tax-deductible contributions, then the amount you owe will be considered taxable income, also referred to as earned income,&nbsp; for that year.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Using the FHSA and RRSP Together<\/strong><\/h2>\n\n\n\n<p>If you hold both the FHSA and HBP, you\u2019re able to use both the HBP and FHSA to purchase your first home. If you\u2019re using your maximum yearly contributions, then this can give you up to $75,000 in tax-free funds towards your down payment and purchase. If your spouse or common-law partner holds the same, then that could give you up to $150,000 if the home is going to be jointly owned.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>FHSAs Vs TFSAs<\/strong><\/h2>\n\n\n\n<p>Due to the fact that FHSAs and TFSAs (<a href=\"https:\/\/www.springfinancial.ca\/blog\/tax-tips\/tfsa-over-contributions\">Tax-Free Savings Accounts<\/a>) are both registered accounts that hold investments, you may be wondering if they\u2019re similar. Well, they are, and they aren\u2019t. While both TFSAs and FHSAs have annual contribution limits, that is about where the similarities end.&nbsp;<\/p>\n\n\n\n<p>FHSAs can only be opened by those saving up to purchase their first home. TFSAs can be opened by almost anyone in Canada. All you need to do is be at least 18 years of age and have a valid SIN number.&nbsp;<\/p>\n\n\n\n<p>They also have a much higher limit than FHSAs. For 2026, the annual limit is $7,000. If you were at least 18 in 2009, then your total limit is $109,000, and any unused contribution room can be carried forward.&nbsp;<\/p>\n\n\n\n<p>Another one of the key differences between TFSAs and FHSAs is that you can withdraw funds whenever you like. Plus, any amounts that you withdraw will be added to your contribution room the following year.&nbsp;<\/p>\n\n\n\n<p>This means if you do have an FHSA, you can transfer money to your FHSA at any time as long as you have the available contribution room and gain the tax benefits by using the funds towards a tax deduction.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Transferring from RRSP to FHSA<\/strong><\/h2>\n\n\n\n<p>When it comes to transferring money from your FHSA to your RRSP, you can do so at any time without any penalties. You can do the same when transferring from your RRSP to your FHSA. However, this does have to be a straight transfer in order for it to qualify.&nbsp;<\/p>\n\n\n\n<p>In order to make a direct transfer and avoid any tax implications, you\u2019ll have to get the bank to make the transfer instead of doing it yourself. In order to do this, you need to fill out the form RC720. Once this form is completed, the bank can make the transfer.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">FHSA Account Opening Offers<\/h2>\n\n\n\n<p>In Canada, there are plenty of banks that offer promotions when it comes to opening a new First-Home Savings Account. Unlike with an RRSP account, there\u2019s no contribution deadline, and you can start saving at any time. You also don\u2019t have to pay back the withdrawals like you would with HBP withdrawals from RRSP savings.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Financial Institution<\/td><td>Promotion<\/td><td>Dates<\/td><\/tr><tr><td>Scotiabank<\/td><td>Earn up to $3,750 with a new registered account.<\/td><td>November 1, 2024 &#8211; March 2, 2026<\/td><\/tr><tr><td>RBC<\/td><td>Get up to $10,000 in value.&nbsp;<\/td><td>Ends March 31, 2026<\/td><\/tr><tr><td>TD<\/td><td>Get up to 2% cash back.<\/td><td>March 2, 2026<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Using the FHSA and the HBP Together<\/h2>\n\n\n\n<p>In order to get the most for your down payment, you can use both your FHSA and HBP to purchase your first home. This means that you can withdraw up to $60,000 with your HBP, and whatever amount is in your First Home Savings Account (FHSA). With the RRSP Home Buyers Plan (HBP), the funds will need to be back, though.&nbsp;<\/p>\n\n\n\n<p>When you\u2019re using the Home Buyers Plan instead of a tax-free savings account, you can have up to $40,000 in investment income saved tax-free. If two people are saving for a home using an HBP, you can save up to $40,000 each on a tax-free basis. That said, you do have to be a first-time home buyer to qualify for these accounts.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Final Thoughts<\/h2>\n\n\n\n<p>In order to open either of these two programs, you will need a valid social insurance number to get the tax deferral benefits of these programs. You don\u2019t have to invest a significant amount in either of these programs, and the cash flow you invest is up to you. Any interest earned is also earned tax-deferred or tax-free.<\/p>\n\n\n\n<p>If you decide to open these accounts, starting early is better. Even though there is a repayment required to use the HBP, the Government of Canada gives you 15 years to repay, and you can choose the amount that you repay any given year. When it comes to your taxes, though, getting tax advice from a tax professional is your best bet.&nbsp;ual situation.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to purchasing a home in Canada, you need some sort of down payment to do so. However, whether or not you\u2019re purchasing your first home can determine the best way to save for this down payment and how much you\u2019ll have to put down.<\/p>\n","protected":false},"author":23,"featured_media":4300,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[59],"tags":[],"class_list":["post-4307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homeowner-finances"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RRSP Homebuyer\u2019s Plan vs FHSA - Spring Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/springfinancial.ca\/blog\/homeowner-finances\/rrsp-homebuyers-plan-vs-fhsa\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RRSP Homebuyer\u2019s Plan vs FHSA - Spring Financial\" \/>\n<meta property=\"og:description\" content=\"When it comes to purchasing a home in Canada, you need some sort of down payment to do so. 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