Can I use the FHSA and the RRSP Home Buyers’ Plan on my first home?
Kylian Pomares on using the First Home Savings Account and the RRSP Home Buyers’ Plan together on a first home in Calgary: the limits, and what to confirm first.
Transcript
The number one question I got this month wasn't about price. Can you use both the FHSA and the RRSP Home Buyers' Plan on your first home? Yes, as long as you meet the rules for each.
The First Home Savings Account lets you contribute up to $8,000 a year, to $40,000 total. Contributions are tax-deductible, and a qualifying withdrawal for your first home is tax-free. The Home Buyers' Plan lets you withdraw up to $60,000 from your RRSP, and you can use the two together on the same home. That's a serious start.
Confirm your eligibility with your lender or accountant before you count on it. The full guide is linked below.
Read the full guide: Buying your first home
Also on YouTube.
