Canadian Housing Programs
2 programs available
Programs to help Canadians buy their first home, including the First Home Savings Account (FHSA) and the Home Buyers' Plan (HBP) for RRSP withdrawals.
First Home Savings Account (FHSA)
The First Home Savings Account is a registered plan that allows prospective first-time home buyers to save for their first home tax-free. Contributions are tax-deductible (like an RRSP) and withdrawals to purchase a qualifying first home are non-taxable (like a TFSA). You can contribute up to $8,000 per year with a lifetime contribution limit of $40,000. Unused contribution room can be carried forward to the next year, up to a maximum of $8,000. The account must be closed within 15 years of opening or by December 31 of the year you turn 71.
Home Buyers' Plan (HBP)
The Home Buyers' Plan allows you to withdraw up to $60,000 from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or a specified disabled person. The withdrawal is not included in your income for tax purposes, but you must repay the amount to your RRSP within 15 years, starting the second year after the year of the withdrawal. The minimum annual repayment is 1/15 of the total amount withdrawn. If you do not repay the required amount in a given year, the shortfall is added to your income for that year.
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