Can You Use Your FHSA and RRSP Home Buyers’ Plan Together?

Yes. If you’re eligible, you can use money from both your First Home Savings Account (FHSA) and the RRSP Home Buyers’ Plan (HBP) toward the same home purchase. Combining them may help you build a larger down payment, but each program has its own eligibility rules, limits, and tax considerations.

What is an FHSA?

A First Home Savings Account is a registered account designed to help eligible Canadians save for their first home.

Contributions are generally tax-deductible, and investment growth can accumulate inside the account. If you meet the requirements for a qualifying withdrawal, you can take money out to buy or build a qualifying home in Canada without including the withdrawal as income.

The current FHSA contribution limit is $8,000 per year, with a $40,000 lifetime limit. Unused participation room can carry forward, subject to FHSA rules. Check your own available room before contributing.

What is the RRSP Home Buyers’ Plan?

The Home Buyers’ Plan lets eligible buyers withdraw money from their Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home. The current maximum withdrawal is $60,000 per person.

An HBP withdrawal is not included in your income when you make an eligible withdrawal. However, you generally need to repay the amount to your RRSP over time. If a required repayment is not made, the unpaid amount is generally included in your taxable income for that year.

For first HBP withdrawals made between 2026 and 2028, the repayment grace period has been extended to five years. The repayment period is then 15 years. Confirm the timing that applies to your withdrawal with the CRA or a tax professional.

Can you use both for the same home?

Yes. The CRA allows an eligible buyer to make a qualifying FHSA withdrawal and an HBP withdrawal for the same qualifying home, as long as the buyer meets the conditions for each program at the time of withdrawal.

For example, if you have enough eligible savings, you might withdraw money from your FHSA and also withdraw money from your RRSP through the HBP. Together, these funds could contribute more toward your down payment than either source alone.

If two eligible buyers are purchasing together, each may be able to use their own FHSA and HBP funds. Eligibility is assessed for each person, so one buyer’s eligibility does not automatically make the other buyer eligible.

What are the potential benefits?

You may have more funds available for your purchase. Combining the programs can increase the amount you can put toward a down payment and closing costs.

FHSA savings can offer two tax advantages. Eligible contributions are generally deductible, and a qualifying withdrawal is tax-free and does not need to be repaid.

The HBP can give you access to RRSP savings. If you have money in an RRSP, the HBP may let you use it for your purchase without treating an eligible withdrawal as income at the time you take it out.

A larger down payment may change your mortgage options. Your down payment can affect the mortgage amount you need to borrow and may affect whether mortgage default insurance is required. The impact depends on the purchase price, property, lender rules, and your overall application.

Important details to check before withdrawing

The FHSA and HBP have separate eligibility tests. In particular, “first-time home buyer” rules have specific look-back periods, and the test for opening an FHSA is not identical to the test for making a qualifying withdrawal. Make sure you qualify for each program before requesting funds.

You’ll also need to follow the withdrawal process for each account. FHSA qualifying withdrawals and HBP withdrawals use different CRA forms and requirements. RRSP contributions made shortly before an HBP withdrawal can also affect whether those contributions are deductible.

Finally, remember that HBP money is not a grant. Plan for the future repayments, and consider how using RRSP savings could affect your longer-term retirement plans.

Plan the down payment before you make an offer

Using an FHSA and the Home Buyers’ Plan together can be a helpful part of a first-home purchase strategy. Before withdrawing, confirm your eligibility, available account room, timing, and repayment obligations. A mortgage professional can help you understand how your down payment fits into your financing plan, while the CRA or a qualified tax professional can help with account-specific tax questions.

Thinking about buying your first home? Get in touch to talk through your down payment, mortgage options, and next steps.

This article is for general information only and is not tax, legal, or financial advice. Program rules can change. Check the current CRA guidance and speak with a qualified tax professional about your situation.

Official CRA resources

• FHSA withdrawals and transfers

• FHSA contributions and limits

• Participating in the Home Buyers’ Plan

• 2026 HBP repayment grace-period legislation