How to use FHSA and RRSP withdrawals for a home down payment in Canada

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How to use FHSA and RRSP withdrawals for a home down payment in Canada

^{Published on 2025-02-10 17:41:11 - MoneySense}

First-time home buyers in Canada can pull from savings in registered accounts to fund their down payment. Here's how to combine FHSA and RRSP withdrawals.

The article from MoneySense discusses how to leverage both the First Home Savings Account (FHSA) and the Registered Retirement Savings Plan (RRSP) for purchasing a home in Canada. It explains that the FHSA, introduced in 2023, allows first-time home buyers to save up to $40,000 tax-free for a down payment, with an annual contribution limit of $8,000. Contributions to an FHSA are tax-deductible, and withdrawals for buying a first home are tax-free. Additionally, the article outlines the Home Buyers' Plan (HBP) under the RRSP, where individuals can withdraw up to $35,000 to buy or build a home, with the condition that the amount must be repaid over 15 years starting two years after withdrawal. The piece provides strategic advice on how to coordinate these accounts to maximize tax benefits and savings for a home purchase, including considerations for those who might already have RRSPs or are planning to use both plans.

Read the Full MoneySense Article at:
[ https://www.moneysense.ca/columns/ask-a-planner/how-to-use-fhsa-and-rrsp-withdrawals-for-a-home-down-payment-in-canada/ ]

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How to use FHSA and RRSP withdrawals for a home down payment in Canada