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Financial Tools For
First Time Buyers
Maximize Your First Home
Purchase With Strategic Tools.
Key Programs and Strategies
The RRSP Home Buyers’ Plan (HBP) allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) tax-free to use as a down payment. If you’re buying with a partner, you can combine withdrawals for a total of $70,000.
Tax-Free Withdrawa
No taxes on the amount withdrawn, as long as it’s repaid within 15 years.
Boost Your Down Payment
Helps you qualify for better mortgage terms.
Reinvest Your Tax Refund
Contributing to your RRSP before withdrawal can generate a tax refund, which you can also put toward your home purchase.
Borrow to top up your RRSP
Borrowing to top up your RSP can increase your tax return. The loan is then paid off with the RSP funds at time of purchase while you keep the additional tax savings.
If used strategically, the RRSP Home Buyers’ Plan can make homeownership more affordable and help reduce your mortgage costs.
It’s important to know that you need to have money in your RSP at least 90 days prior to the withdrawal date so you don’t want to leave this till the last minute.
First Time Home Buyer Savings
Plan : Is It Right for You?
The First Home Savings Account (FHSA) is a tax-advantaged savings plan designed to help first-time homebuyers save for a down payment. You can contribute up to $8,000 per year, with a lifetime limit of $40,000, and your savings grow tax-free—just like a TFSA and RRSP combined!
The FHSA helps first-time buyers save faster by combining tax deductions with tax-free growth—making it one of the most powerful tools for building a down payment. If unused, you can transfer the funds into your RRSP without affecting your RRSP contribution room.
How It Works
Contribute up to $8,000 per year (maximum $40,000 lifetime limit)
Contributions are tax-deductible, reducing your taxable income
Withdrawals for a home purchase are tax-free, including investment growth
Can be used alongside the RRSP Home Buyers' Plan (HBP) for even more tax-free savings
Want to see how the FHSA can work for you? Let’s discuss your options.
TFSAs: A Flexible Savings Option for Your First Home
How It Works for Home Buying
- Save money in a high-interest TFSA or invest in stocks, ETFs, or GICs for higher returns.
- Withdraw funds tax-free whenever you're ready to buy your home.
- Unlike an RRSP Home Buyers’ Plan, you don’t have to repay withdrawals.
- Any withdrawn amount is added back to your contribution room the following year, allowing for future tax-free growth.
A TFSA is flexible—whether you’re saving for a down payment or keeping extra funds available for closing costs, renovations, or emergencies it allows you to grow your savings without tax consequences.
Not sure whether a TFSA, RRSP, or FHSA is best for you? Let’s discuss your options.
Gifting a Down Payment
- Parents can gift funds without tax consequences in Canada
- Lenders require a signed gift letter, confirming no repayment is expected.
- A larger down payment can help avoid CMHC insurance and reduce mortgage costs which can be a huge savings with CMHC fees up to 4%
Borrowing money from your parents
- Instead of gifting, parents may lend money at low or no interest with specific repayment terms. These could be monthly payments or a lump sum in the future.
- You can structure it so that one can repay parents when the purchased home has increased in value such that they can refinance to pay back the down payment loan.
Things to Consider
- A formal agreement can help avoid misunderstandings.
- Will you charge interest or require repayment on a schedule?
- Could this affect your child’s ability to qualify for a mortgage with the bank?
Co Signing a Mortgage
- Parents become legally responsible for the mortgage if the child can't make payments.
- This can help if the child’s income or credit score isn’t strong enough.
Things to Consider
- You’re fully liable—missed payments could hurt your credit score.
- Could this affect your own ability to borrow for other needs?
- Have a plan for when the child can refinance to remove you from the mortgage.
Joint Ownership
How It Works:
Parents and children purchase the home together either as joint tenants or tenants in common
This allows parents to help with mortgage qualification while also retaining ownership rights.
Things to Consider
Future plans—how will ownership be handled if circumstances change?
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