🔑Real Estate

First Home Buyer Savings Strategy Calculator: HBP + FHSA + TFSA

For a first home purchase in Canada, three savings vehicles can be combined: the RRSP Home Buyers' Plan (HBP), which lets you withdraw up to $60,000 from your RRSP tax-free; the First Home Savings Account (FHSA), which offers a tax deduction going in AND a tax-free withdrawal coming out; and the TFSA as a flexible complement. Enter your current balances and monthly savings to see how long until you reach your target down payment, plus the repayment schedule you'll face on the HBP once you buy.

Your information

RRSP balance eligible for HBP ($)

Current FHSA balance ($)

Current TFSA balance ($)

Total monthly savings ($)

Target down payment ($)

Purchase horizon (months, for chart)

How to combine the HBP, FHSA, and TFSA

Worked example

Sophie has $15,000 in her RRSP, $8,000 in her FHSA, and $5,000 in her TFSA. She saves $800/month and is targeting a $60,000 down payment.

HBP available: min($15,000, $60,000) = $15,000
FHSA available: $8,000 (under the $40,000 lifetime limit)
TFSA available: $5,000
Total combined today: $28,000
Amount short: $60,000 − $28,000 = $32,000
Estimated timeline: $32,000 ÷ $800/month = 40 months (about 3 years and 4 months)

If Sophie ultimately withdraws $15,000 through the HBP, she'll need to repay $15,000 ÷ 15 = $1,000/year into her RRSP, starting the 2nd year after the withdrawal. If she skips a repayment, that unpaid $1,000 gets added to her taxable income for that year.

Why combine all three accounts

The FHSA is unique: it combines the RRSP's upfront tax deduction with the TFSA's tax-free withdrawal, with no repayment obligation — unlike the HBP. Maxing out the FHSA first ($8,000/year) is often advantageous before tapping the HBP, which creates a 15-year repayment obligation. The TFSA remains a flexible complement, with no special first-home rules but also no repayment constraint.

Frequently asked questions

How much can I withdraw with the HBP in 2026?

Up to $60,000 per person can be withdrawn from an RRSP tax-free under the Home Buyers' Plan, provided you're an eligible buyer (generally for a first home). This amount must be repaid over 15 years.

What's the difference between the FHSA and the HBP?

The FHSA offers a tax deduction on contribution AND a tax-free withdrawal for a first home purchase, with no repayment obligation. The HBP lets you withdraw funds already in an RRSP, but that amount must be repaid over 15 years, or the unpaid portion becomes taxable income.

What happens if I miss an HBP repayment in a given year?

The unpaid amount for that year (1/15 of your HBP balance) gets added to your taxable income for that year, exactly as if you had withdrawn that amount from your RRSP normally.

Can I use my TFSA for a first home purchase?

Yes, but the TFSA has no special first-home rules like the HBP or FHSA. You can simply withdraw funds anytime, tax-free, making it a flexible complement to the other two accounts.

Track your progress toward your first home

WealthWise centralizes your RRSP, FHSA, and TFSA accounts so you can track your savings in real time.

Get started for free

HBP and FHSA rules are set federally and can change. This calculator is an educational tool providing an illustrative estimate, and does not constitute personalized advice. Always verify current limits and rules with the Canada Revenue Agency (CRA) and consult a financial planner or tax professional before making a decision.