Stacking the FHSA and RRSP Home Buyers' Plan
The two best down-payment tools for Prince Albert first-time buyers stack. The First Home Savings Account gives you up to $8,000/year ($40,000 lifetime) of RRSP-style tax deductions that come out tax-free for a home, like a TFSA. The RRSP Home Buyers' Plan adds up to $60,000, repaid over 15 years. Two spouses can each use both — up to $200,000 of tax-advantaged down payment for one household. Against a typical Prince Albert purchase price, that's often the difference between an insured 5%-down file and a stronger 20%-down position. We build the contribution and withdrawal timing into your pre-approval.