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Glossary term
FHSA — First Home Savings Account
Hybrid TFSA+RRSP for first home purchase. $8,000/year limit, $40,000 lifetime. Contributions deduct from income, qualifying withdrawals tax-free. 15-year window before RRSP rollover.
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HBP
Borrow up to $60,000 from your RRSP for first home purchase tax-free. Repay over 15 years starting year 2 aft…
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Frequently asked questions
Can I use both an FHSA and the Home Buyers' Plan (HBP)?
Yes. Since 2023 you can use both an FHSA withdrawal and the HBP (up to $60,000 from an RRSP) for the same first-home purchase — increasing your available down payment.
What happens if I don't buy a home?
An FHSA has a 15-year window. If no qualifying home is bought, funds roll into an RRSP/RRIF tax-free without affecting RRSP room, or can be withdrawn (then taxed as income).
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