{"id":16256,"date":"2025-11-12T11:00:38","date_gmt":"2025-11-12T16:00:38","guid":{"rendered":"https:\/\/www.batirente.com\/?p=16256"},"modified":"2025-11-12T15:02:34","modified_gmt":"2025-11-12T20:02:34","slug":"fhsa-or-hbp-which-one-to-choose","status":"publish","type":"post","link":"https:\/\/www.batirente.com\/en\/fhsa-or-hbp-which-one-to-choose\/","title":{"rendered":"FHSA or HBP: Which one to choose?"},"content":{"rendered":"

Good news! You don’t have to choose between the home buyers\u2019 plan (HBP) and the tax-free first home savings account (FHSA). You can use both when buying your first eligible property.<\/strong><\/p>\n

 <\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
<\/td>
HBP<\/strong><\/h5><\/td>
FHSA<\/strong><\/h5><\/td>\n<\/tr>\n
Overview<\/strong><\/h5><\/td>
The HBP lets you borrow from your RRSP tax-free to buy or build your home.<\/td>An FHSA lets you save tax-free for a down payment.<\/td>\n<\/tr>\n
Key benefits<\/strong><\/h5><\/td>
You have 15 years to pay back the amount you withdrew, interest-free.<\/td>If you don't end up buying or building a home, your FHSA will be closed after 15 years and the funds will be transferred to your RRSP tax-free. In this case, your FHSA can give you an additional $40,000 in RRSP contribution room.<\/td>\n<\/tr>\n
Eligibility<\/strong><\/h5><\/td>
You're eligible if you and your spouse were not the owner-occupants of a principal residence during the year of the RRSP withdrawal and the previous 4 years. You can use the HBP more than once if you've paid back your previous HBP in full by the deadline.<\/td>You're eligible if:
\n
  • You're 18 or older (not more than 71 on December 31)<\/li>
    \n
  • You're a Canadian resident<\/li>
    \n
  • You or your spouse or common-law partner didn't own a primary residence you were living in the year before the account was opened or during the previous 4 calendar years<\/li><\/ul><\/td>\n<\/tr>\n
Withdrawal limit<\/strong><\/h5><\/td>
You can withdraw up to $60,000<\/strong> from your RRSP to buy a qualifying home.<\/td>You can withdraw all your contributions (lifetime limit of $40,000)<\/strong> and the accumulated investment income from your FHSA to buy a qualifying home.<\/td>\n<\/tr>\n
Withdrawal taxes<\/strong><\/h5><\/td>
You won't be taxed on the amount withdrawn if you pay back the required amount each year to your RRSP.<\/td>None if the money is used to buy or build a qualifying home.<\/td>\n<\/tr>\n
Repayment<\/strong><\/h5><\/td>
You have 15 years to pay back the amount withdrawn from your RRSP. You must start your repayments during the second year after the withdrawal, except for withdrawals made between January 1, 2022, and December 31, 2025<\/strong>. In that case, you can start repayments no later than 5 years<\/strong> after your withdrawal.<\/td>You don't have to pay back the amount withdrawn from your FHSA.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

Good news! You don’t have to choose between the home buyers\u2019 plan (HBP) and the tax-free first home savings account (FHSA). You can use both when buying your first eligible property.<\/p>\n","protected":false},"author":3,"featured_media":22672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[174,31,34],"class_list":["post-16256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-your-goals","tag-fhsa","tag-rrsp","tag-save"],"acf":[],"yoast_head":"\nFHSA or HBP: Which one to choose? - B\u00e2tirente<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.batirente.com\/en\/fhsa-or-hbp-which-one-to-choose\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FHSA or HBP: Which one to choose? - B\u00e2tirente\" \/>\n<meta property=\"og:description\" content=\"Good news! 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