- You can make a Home Buyers' Plan withdrawal and an FHSA withdrawal for the same home, as long as all conditions are met at the time of each withdrawal.
- The Home Buyers' Plan withdrawal limit is $60,000, and for first withdrawals made from 2026 to 2028 the start of repayment is deferred.
- Manitoba's land transfer tax page does not mention a first-time-buyer rebate, so plan to pay land transfer tax on top of your down payment.
If you are buying your first home in Manitoba, the down payment is usually the biggest hurdle. Two federal tools often come up together: the RRSP Home Buyers' Plan and the First Home Savings Account, or FHSA. People reasonably ask whether they have to pick one.
This article explains how the two fit together, what the numbers are, and what the Manitoba land transfer tax means for your total cash needs. It is general information, not advice on your own situation. The detailed eligibility rules sit with the Canada Revenue Agency (CRA), and a lawyer can help with the purchase itself.
This article covers the law of Manitoba.
The short answer: yes, you can use both for the same home
The CRA says a person can make a Home Buyers' Plan (HBP) withdrawal and an FHSA withdrawal for the same home, if all conditions are met at the time of each withdrawal. So you do not have to choose one program over the other.
The important phrase is the last one. Eligibility is checked at the time of each withdrawal, not just once. If you plan to take money out of both, it is worth confirming the conditions for each program before you move any funds. The CRA publishes those conditions, and they are the place to start.
How the Home Buyers' Plan works for your down payment
The HBP lets you withdraw money from your RRSP toward a first home. The withdrawal limit is $60,000. That is a ceiling on what you can take out under the plan, not a target you have to reach.
You repay the amount over a 15-year period. For first HBP withdrawals made from January 1, 2026 to December 31, 2028, the start of that 15-year repayment period is deferred to the fifth year following the year of your first withdrawal. For example, if you make your first withdrawal in 2026, your first repayment year is 2031.
- Withdrawal limit: $60,000.
- Repayment period: 15 years.
- First withdrawal in 2026 to 2028: repayment starts in the fifth year after the year of the withdrawal.
- Example: a 2026 withdrawal means the first repayment year is 2031.
Repaying later does not make the money free. It is still your retirement savings, and the repayment schedule is something to plan around from the start.
How the FHSA fits in
The First Home Savings Account is a separate account designed for saving toward a first home. The participation room in the first year you open an FHSA is $8,000. That figure matters if you are just opening one, because it affects how much you can put in during that first year.
Other FHSA limits, such as any lifetime cap or how unused room carries forward, are set by the CRA and are worth checking directly on its pages before you rely on them. Opening an account early can help, but how much room you will actually have depends on your own history.
| Program | Figure to know | Source of the rules |
|---|---|---|
| Home Buyers' Plan | $60,000 withdrawal limit | CRA |
| Home Buyers' Plan | Repayment start deferred for first withdrawals 2026 to 2028 | CRA |
| FHSA | $8,000 participation room in the first year | CRA |
| Both together | Allowed for the same home if conditions are met at each withdrawal | CRA |
Budget for land transfer tax on top of the down payment
A down payment is not the only cash you need. In Manitoba, land transfer tax is payable by 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 province's land transfer tax page does not mention a first-time-buyer land transfer tax rebate. Do not assume one will reduce your bill. Budget for the full amount, and ask a lawyer whether any exception applies to you.
The tax is calculated on the fair market value of the property on the date the transfer is registered, not simply the contract price. The brackets are as follows.
| Portion of value | Rate |
|---|---|
| First $30,000 | 0% |
| $30,001 to $90,000 | 0.5% |
| $90,001 to $150,000 | 1.0% |
| $150,001 to $200,000 | 1.5% |
| Amount over $200,000 | 2.0% |
As a worked example, a $350,000 value comes to $0 plus $300 plus $600 plus $750 plus $3,000, for a total of $4,650. Brackets can change, so confirm the current figures with your lawyer or the province before you finalize your budget.
What to do next
- Check the CRA's current conditions for the Home Buyers' Plan and the FHSA, and confirm you meet them for each withdrawal.
- Decide roughly how much you expect to take from each, keeping the $60,000 HBP limit and your own FHSA room in mind.
- Note the year of your first HBP withdrawal so you know when repayment begins.
- Estimate land transfer tax and the registration fee, and add them to your cash needs.
- Keep your mortgage approval, account statements and withdrawal paperwork together.
- Speak with a lawyer before you sign an offer and before closing, so the purchase and title registration are handled properly.
A lawyer can walk you through closing, including how title is registered and when land transfer tax is paid. For questions about your tax position or how withdrawals affect your savings, an accountant or the CRA can confirm the details.
Frequently asked questions
Can I use the Home Buyers' Plan and an FHSA for the same house?
Yes. The CRA says a person can make an HBP withdrawal and an FHSA withdrawal for the same home, if all conditions are met at the time of each withdrawal. Check the CRA conditions for each program first.
What is the most I can take out under the Home Buyers' Plan?
The HBP withdrawal limit is $60,000. Whether you can take the full amount depends on how much you have in your RRSP and whether you meet the CRA's conditions.
When do I have to start repaying an HBP withdrawal?
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. A 2026 withdrawal means your first repayment year is 2031.
Is there a first-time-buyer land transfer tax rebate in Manitoba?
The province's land transfer tax page does not mention one. The tax is generally payable by the buyer, with some exceptions, plus a registration fee. A lawyer can tell you whether an exception applies to your purchase.
Sources
- Government of Manitoba – Land Transfer Tax — gov.mb.ca
- CRA – What is the Home Buyers' Plan — canada.ca
- CRA – First Home Savings Account — canada.ca
Links go to official government, court and regulator pages. The law changes — confirm you are reading the current version.
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