First-Time Buyer Programs
First-time buyers have several programs that make a pre-construction deposit and closing more affordable. Use them together.
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Programs to stack
- FHSA (First Home Savings Account) — contribute up to $8,000/year ($40,000 lifetime), tax-deductible, tax-free on withdrawal for your first home.
- RRSP Home Buyers' Plan — withdraw up to $60,000 ($120,000 per couple) tax-free toward your purchase, repaid over 15 years.
- Land Transfer Tax rebates — up to $4,000 (Ontario) and up to $4,475 (Toronto) for first-time buyers.
See our First-Time Buyer Savings Guide for how to combine FHSA, TFSA and RRSP.
Frequently Asked Questions
Can I use the FHSA and RRSP together for a pre-construction deposit?
Yes. First-time buyers can use both the FHSA and the RRSP Home Buyers' Plan toward the same purchase, including a pre-construction deposit — a powerful combination for your down payment.