Can I use both the FHSA and the Home Buyers' Plan toward the same home purchase?
Yes. The FHSA and the Home Buyers' Plan are not mutually exclusive, and a first-time buyer can combine a qualifying withdrawal from each toward the very same home purchase. The FHSA lets you withdraw your contributions and any growth tax-free once you have a qualifying purchase lined up, while the Home Buyers' Plan lets you withdraw funds from your RRSP tax-free for that same purchase, provided you repay the RRSP withdrawal over time under its own schedule.
This combination is genuinely useful and often underused, because it effectively lets a first-time buyer draw on two separate pools of tax-advantaged savings for one down payment, rather than being forced to choose between them. The two programs have different rules for eligibility, withdrawal timing, and what happens afterward: a qualifying FHSA withdrawal doesn't need to be repaid at all, while the Home Buyers' Plan withdrawal does. Because timing both withdrawals correctly around the same closing, and understanding each program's own conditions, matters for getting the tax treatment right, it's worth working through the mechanics of both plans together before relying on either one.
Key takeaways
- FHSA and HBP withdrawals can both go toward the same first home purchase.
- A qualifying FHSA withdrawal doesn't need to be repaid; an HBP withdrawal does.
- Combining them lets a buyer draw on two separate tax-advantaged pools for one purchase.
- Each plan has its own eligibility and timing rules that need to line up with your closing.