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FHSA + HBP Down Payment Calculator for First-Time Buyers (Canada)

Can I use the FHSA and the Home Buyers' Plan for the same home?

Yes. Each first-time buyer can use their FHSA (up to $8,000 a year, $40,000 lifetime) and withdraw up to $60,000 from their RRSP under the HBP for the same home. HBP withdrawals are repaid over 15 years; for first withdrawals made from 2022 to 2028 repayments start in the fifth year after (a 2026 withdrawal is repaid from 2031).

Two buyers can bring up to $80,000 of FHSA money and $120,000 from the HBP to one home. The minimum down payment on a $650,000 home is $40,000; 20% is $130,000.

Enter the price and what each buyer will have at closing to see the down payment against the minimum, the mortgage insurance premium, the HBP repayment start and the GST rebate on a new home.

Use the calculator All free tools

Built by Muhammad Shahzeb Anwar, MSc Industrial and Organizational Psychology. Each rule comes from CRA, the Financial Consumer Agency of Canada and CMHC, linked below.

The calculator

Work out your down payment

Runs in your browser. Nothing you type is stored or sent anywhere.

The home

For the first-time buyer GST rebate (agreements from 20 Mar 2025 to the end of 2030).

What you will have at closing

Up to $8,000 a year and $40,000 in a lifetime, plus growth.
Each buyer can withdraw up to $60,000.
After keeping money aside for closing costs.

Minimum down payment and mortgage insurance

PriceMinimum down payment
$500,000 or less5% of the price
$500,000 to $1.5 million5% of the first $500,000 + 10% of the rest
$1.5 million or more20% (no mortgage insurance)

With less than 20% down the mortgage must be insured. CMHC's premium is a share of the mortgage: 2.80% at 80.01-85% loan-to-value, 3.10% at 85.01-90% and 4.00% at 90.01-95%, plus 0.20% for a 30-year amortization (available to first-time buyers and buyers of newly built homes). The premium is added to the mortgage. Ontario, Quebec and Saskatchewan also charge provincial sales tax on it at closing.

HBP repayments: the relief now runs to 2028

Normally HBP repayments start in the second year after the year of your first withdrawal. Repayment relief moved that to the fifth year for first withdrawals made from 2022 to 2025, and CRA's page (updated 17 February 2026) says the relief has been extended to first withdrawals made from 1 January 2026 to 31 December 2028. CRA's own example: a first withdrawal in 2026 means the first repayment year is 2031. You repay at least 1/15 a year; any shortfall is added to your income.

First-time home buyers' GST rebate on new homes

Bill C-4 received Royal Assent on 12 March 2026. For a new home bought from a builder under an agreement made from 20 March 2025 to the end of 2030, first-time buyers can get back the GST (or the federal part of HST), up to $50,000. It is full on homes up to $1 million and shrinks in a straight line to nothing at $1.5 million: on a $1.2 million home it is $50,000 × ($1.5M − $1.2M) ÷ $500,000 = $30,000.

Worked example

Two first-time buyers want a $650,000 resale home. Buyer 1 will have $40,000 in her FHSA and $35,000 in her RRSP; buyer 2 has $16,000 in his FHSA; they have $20,000 of other savings. Down payment: $40,000 + $16,000 + $35,000 + $20,000 = $111,000. The minimum is 5% of $500,000 + 10% of $150,000 = $40,000, so they are well above it, but under 20% ($130,000): the $539,000 mortgage (82.92% loan-to-value) carries a 2.80% premium of $15,092. A first HBP withdrawal in 2027 is repaid from 2032 at $2,333.33 a year.

Before you rely on this

What this will not tell you

This adds up the amounts you enter and applies the down payment, insurance, HBP and GST rebate rules. It does not project FHSA growth year by year, check whether a lender would approve the mortgage (income, debts, stress test), or include closing costs, land transfer tax, provincial rebates or the premium's provincial sales tax. CMHC's pages could not be opened from our location on 2 November 2026; the premium rates match CMHC's schedule as quoted in its search results. Nothing you type leaves your browser.

Questions

Questions people actually ask

Can a couple both use the FHSA and the HBP?

Yes. Each first-time buyer has their own FHSA ($40,000 lifetime) and their own $60,000 HBP limit, and both accounts can be used for the same home.

How much can I take out of my RRSP for my first home?

Up to $60,000 under the Home Buyers' Plan, withdrawn in the year of your first withdrawal or in January of the next year.

When do HBP repayments start for a 2026 withdrawal?

In 2031. Repayment relief for first withdrawals made from 2022 to 2028 starts repayments in the fifth year after the withdrawal year.

What is the minimum down payment in Canada?

5% of the first $500,000, 10% of the part from $500,000 to $1.5 million, and 20% at $1.5 million or more.

How much is CMHC insurance with 10% down?

3.10% of the mortgage at a 90% loan-to-value (85.01-90% band), or 3.30% with a 30-year amortization. On a $450,000 mortgage that is $13,950.

Is the first-time home buyer GST rebate law?

Yes. Bill C-4 received Royal Assent on 12 March 2026. It gives up to $50,000 back on new homes up to $1 million, phased out by $1.5 million, for agreements signed from 20 March 2025 to the end of 2030.

Where every rule comes from

Sources

Checked against the text of the law on 2 November 2026. Laws and notified rates change; if a source below has moved on, the source wins over this page.

  1. CRA: The Home Buyers' Plan: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html
  2. CRA: Contributing to your FHSA: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html
  3. Department of Finance: design of the FHSA (FHSA and HBP together): https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html
  4. FCAC: How much you need for a down payment: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html
  5. CMHC: Quick reference (price limits, amortization): https://assets.cmhc-schl.gc.ca/sf/project/cmhc/pdfs/factsheets/new/cmhc-quick-reference.pdf
  6. CMHC: Premium information for homeowner loans: https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/premium-information-for-homeowner-and-small-rental-loans
  7. CRA: First-time Home Buyers' GST/HST Rebate (Memorandum 19-3-10): https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/19-3-10/first-time-home-buyers-gst-hst-rebate.html
  8. Department of Finance: Bill C-4 receives Royal Assent: https://www.canada.ca/en/department-finance/news/2026/03/legislation-to-make-life-more-affordable-receives-royal-assent.html
Citation

Cite this tool

Free to use and free to quote. If a figure here is useful in something you are writing, a link back is all that is asked.

Muhammad Shahzeb Anwar, MSc Industrial and Organizational Psychology. FHSA + HBP Down Payment Calculator. Shahzeb Speaks. https://www.shahzebspeaks.com/fhsa-hbp-down-payment-calculator/

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Plan it year by year, for both of you

The First-Home Funding Planner (Excel, Google Sheets and an offline web page) projects each buyer's FHSA room and balance year by year to your closing date, the RRSP you can take under the HBP and its 15-year repayment schedule, your savings, the minimum down payment, the CMHC premium, the highest price your down payment allows and the GST rebate on a new home.

Get the planner, US$15