First-Time Buyer Savings Calculator

The federal government offers three separate programs for first-time buyers: the RRSP Home Buyers' Plan, the Tax-Free First Home Savings Account, and a federal tax credit. This calculator shows exactly how much you can access and from where.

RRSP balance (your account)

You can withdraw up to $35,000 from your RRSP toward a first home. The money must have been in your RRSP for at least 90 days.

Buying with a spouse or partner (both are first-time buyers — each can access their own RRSP HBP limit)

Partner's RRSP balance

FHSA balance

First Home Savings Account. Max $40,000 lifetime ($8,000/year). Contributions are tax-deductible and withdrawals for a first home are tax-free.

Expected purchase price

Used to calculate your First-Time Home Buyers' Tax Credit.

Buying within City of Toronto (Toronto also offers a first-time buyer LTT rebate up to $4,475)

Total available to first-time buyers

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across all programs

What first-time buyers in Canada can access

Three federal programs exist specifically to help first-time buyers accumulate a down payment and reduce their overall cost. Most buyers know about the RRSP plan but not the newer FHSA, which is generally more valuable because withdrawals are completely tax-free and contributions reduce your taxable income.

RRSP Home Buyers' Plan

Each first-time buyer can withdraw up to $35,000 from their registered retirement savings plan to put toward a first home. The money must be repaid to your RRSP over 15 years beginning two years after withdrawal — otherwise it's added to your taxable income in the year it's due. A couple who are both first-time buyers can together withdraw up to $70,000.

First Home Savings Account (FHSA)

The FHSA was introduced in 2023 and is the better program for most buyers. You can contribute up to $8,000 per year to a lifetime limit of $40,000. Contributions reduce your taxable income exactly like an RRSP. When you use the money to buy your first home, the withdrawal is completely tax-free — unlike the RRSP HBP, you don't have to repay it. If you don't end up buying, the balance can be transferred to your RRSP without affecting your contribution room.

First-Time Home Buyers' Tax Credit

A federal non-refundable tax credit of $10,000 in the year you buy your first home. At a 15% federal rate, this translates to a $1,500 reduction in federal tax owed. It doesn't reduce the purchase price or increase your available cash, but it does reduce your tax bill in the year of purchase.