Buy vs rent tool
Saving for a first home: FHSA and Home Buyers’ Plan planner
If you are deciding between buy vs rent, the down payment timeline matters. Estimate how long it takes to save, and what an FHSA deduction could add.
Tools for first-time buyers
The First Home Savings Account lets eligible Canadians contribute up to $8,000 a year, to a $40,000 lifetime limit, with a deduction on contributions and tax-free qualifying withdrawals. The RRSP Home Buyers’ Plan lets eligible buyers withdraw up to $60,000, repaid over time. Confirm current limits and eligibility with the Canada Revenue Agency.
Questions people ask
Can renters use an FHSA?
Yes. You do not need to own a home to contribute, which makes the FHSA useful in either buy vs rent path.
Is the FHSA deduction included?
The planner shows an estimate of tax savings from your marginal rate; it is not tax advice.
Do I have to repay an FHSA withdrawal?
No, qualifying withdrawals are not repaid. HBP withdrawals are.
Educational estimates based on your inputs; not advice. See the methodology and assumptions.