Separate money available at closing from later tax benefits, and verify the eligibility test for each program.
There is more than one first-time buyer test
Do not treat “first-time buyer” as a single box that unlocks every benefit. Build a checklist for each program: eligibility, application steps, available money, deadlines and any future repayment. A benefit shown on a website is useful only when it fits your purchase and arrives when you need it.
FHSA: check your available room and withdrawal conditions
An FHSA starts with $8,000 of participation room in the year you open your first account. The lifetime contribution limit is $40,000; up to $8,000 of unused participation room may carry forward. Contributions and RRSP transfers share these limits. Your own available room matters more than the headline maximum. Check CRA’s contribution rules.
A qualifying withdrawal is tax-free and does not have to be repaid. Opening an account and making a qualifying withdrawal have distinct conditions, including homeownership tests. Confirm the withdrawal requirements before requesting funds. Review CRA’s withdrawal conditions.
HBP: RRSP money with a future repayment plan
The Home Buyers’ Plan allows eligible RRSP withdrawals up to $60,000. It can be used with an eligible FHSA withdrawal for the same home. HBP withdrawals have repayment obligations; check the schedule for your withdrawal year, including any applicable deferral. Read the current CRA HBP rules.
Using retirement savings is a cash-flow decision as well as a purchase decision. Add the future repayments to your household plan before deciding how much to withdraw.
Tax credits and rebates are separate benefits
The federal home buyers’ amount is a non-refundable tax credit calculation, not a $10,000 cash grant. The filing-year rules and your tax payable determine its usefulness. See CRA’s home buyers’ amount guidance.
Eligible first-time buyers of new homes may receive the federal GST/HST rebate: full federal tax relief up to $1 million, with partial relief between $1 million and $1.5 million. Purchase, construction, occupancy and timing conditions matter. Check the current rebate and eligibility links.
Provincial property-transfer relief has its own tests. For example, British Columbia has a first-time buyer program. Confirm the rules for the property’s location instead of assuming a benefit transfers between provinces.
A longer amortization is not a grant
CMHC Home Start supports eligible insured mortgages of up to 30 years where at least one borrower qualifies as a first-time buyer or the home meets the newly built criteria. The loan and property must meet the program’s other conditions. Review Home Start eligibility.
The former shared-equity First-Time Home Buyer Incentive is closed to new applications. Do not include it as available purchase funding. See CMHC’s closure notice.
Put the programs into one cash worksheet
Suppose you have $24,000 available for a qualifying FHSA withdrawal, choose an eligible $30,000 HBP withdrawal and hold $16,000 in other savings. That totals $70,000 before closing costs. These are assumed account balances, not automatic entitlements.
Do not add a future tax refund as though it were already in your bank. Mark each source “available,” “requested” or “confirmed for closing,” and show HBP repayments separately. Then enter the intended down payment in the residential calculator and retain money for the rest of the purchase.
Put the figures into a scenario
Use the appropriate assumptions, compare the results and save a summary for your file.
Open the Residential Calculator →Sources and review
References checked September 22, 2026. Examples are illustrative; confirm the lender, insurer and program requirements for your situation.