Can You Use the RRSP Home Buyers' Plan and an FHSA Together in Manitoba?

If you are saving for your first home in Manitoba, you may have heard of two federal programs: the RRSP Home Buyers' Plan (HBP) and the First Home Savings Account (FHSA). A common question is whether you have to pick one, or whether both can go toward the same down payment.

This article explains how the two fit together at a general level, what the repayment timing looks like, and why you should also set money aside for Manitoba land transfer tax. Your own eligibility depends on your situation, so the last section covers who to check with.

This article covers the law of Manitoba.

Can you use both for the same home?

Yes, in principle. The Canada Revenue Agency (CRA) says a person can make an HBP withdrawal and an FHSA withdrawal for the same home, as long as all the conditions are met at the time of each withdrawal.

The key phrase is "at the time of each withdrawal." Each program has its own eligibility rules, and you need to meet them separately on each occasion. Having qualified for one does not automatically mean you qualify for the other, so it is worth checking both before you move any money.

How the Home Buyers' Plan works

The HBP lets eligible first-time buyers take money out of their RRSPs toward a home. The withdrawal limit is $60,000.

Unlike an ordinary RRSP withdrawal, an HBP withdrawal is meant to be paid back into your RRSP over time. For first HBP withdrawals made from January 1, 2026 to December 31, 2028, the start of the 15-year repayment period is deferred to the fifth year following the year of the first withdrawal. For example, a 2026 withdrawal means your first repayment year is 2031.

• Withdrawal limit: $60,000.
• Repayment period: 15 years.
• First withdrawal in 2026 to 2028: repayments start in the fifth year after the withdrawal year.
• Example: a 2026 withdrawal means the first repayment year is 2031.

Where the FHSA fits in

The FHSA is a registered account designed for saving toward a first home. The participation room in the first year you open an FHSA is $8,000.

This article does not set out the account's other limits, because they should be confirmed directly with the CRA before you plan around them. Contribution room and withdrawal conditions can affect how much you can realistically put toward a down payment.

Do not forget land transfer tax

A down payment is not your only upfront cost. In Manitoba, land transfer tax is payable by the transferee, meaning the buyer, with some exceptions, plus a registration fee. It is due when the transfer of title is registered at the land titles office.

The tax is calculated on the fair market value of the property on the date of registration, not simply the contract price. The brackets are:

• 0% on the first $30,000.
• 0.5% on $30,001 to $90,000.
• 1.0% on $90,001 to $150,000.
• 1.5% on $150,001 to $200,000.
• 2.0% on the amount over $200,000.

As an example, a $350,000 value works out to $0 + $300 + $600 + $750 + $3,000 = $4,650. The government page mentions some exceptions to the buyer paying but does not list a first-time-buyer land transfer tax rebate, so do not assume one exists. Confirm the current brackets before you rely on them.

What to do next

• Confirm with the CRA that you meet the conditions for each program at the time you plan to withdraw.
• Speak with your lender about how much of your down payment can come from each source and what documents they need.
• Note the HBP repayment start year that applies to your first withdrawal.
• Budget for land transfer tax and the registration fee on top of your down payment.
• Ask your lawyer or the registering office to confirm the tax figure before closing.

A lawyer can help with the legal side of the purchase and the closing costs, while the CRA and your lender can confirm tax and mortgage eligibility.

Frequently asked questions