--- title: "First-time home buyer: FHSA and Home Buyers' Plan" url: "https://canadaservicemap.ca/services/first-home" description: "Save for and buy your first home in Canada: handled by Canada Revenue Agency. Official link checked 12 October 2026. From official sources. No sign-up." site: "Canada Service Map" author: "Mahmoud Halat" publisher: "Space & Story" lastReviewed: "2026-10-13" licence: "Built entirely from public data: open data and official government pages. Each record keeps the licence of its source, listed at https://canadaservicemap.ca/data." --- # First-time home buyer: FHSA and Home Buyers' Plan Federal service ยท Housing and property Compiled by Mahmoud Halat, checked 13 October 2026. Not a government website. The official page always has the final word. ## Short answer First-time buyers can save for a home with a First Home Savings Account (FHSA), opened at a bank, credit union, trust or insurance company. You can put in $8,000 the first year, deduct it from your income and take it out tax-free to buy a home. The Home Buyers' Plan also lets you borrow up to $60,000 from your RRSPs and repay it later. Who handles it: [Canada Revenue Agency](https://canadaservicemap.ca/bodies/canada-revenue-agency). Handles it everywhere in Canada. ## Official links - [First Home Savings Account](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html), checked 12 October 2026 ## Who can apply - To open an FHSA you must live in Canada, be at least 18 (19 where that is the legal age for contracts) and no older than 71 on December 31 of the year you open it. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/opening-your-fhsas.html), checked 13 October 2026. - You count as a first-time buyer if, in this calendar year or the previous 4, you did not live in a home you or your spouse or partner owned as your main residence. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/opening-your-fhsas.html), checked 13 October 2026. - You need a written agreement to buy or build a home in Canada, finishing before October 1 of the year after the withdrawal. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/withdrawals-transfers-out-your-fhsas.html), checked 13 October 2026. ## Steps 1. Open an FHSA with an issuer such as a bank, credit union, trust company or insurance company. You give them your SIN, date of birth and any documents they need to confirm you qualify. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/opening-your-fhsas.html), checked 13 October 2026. 2. To take money out tax-free for your home, fill out Form RC725 and give it to your FHSA issuer. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/withdrawals-transfers-out-your-fhsas.html), checked 13 October 2026. ## Cost - Contribution limit: you can put up to $8,000 into your FHSAs in the year you open your first one. Contributions are generally tax-deductible; transfers from RRSPs are not. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html), checked 13 October 2026. - Withdrawal limit: the Home Buyers' Plan lets you withdraw up to $60,000 from your RRSPs to buy or build a qualifying home. You use Form T1036 to request the withdrawal. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html), checked 13 October 2026. ## How long it takes - An FHSA can stay open until the end of the year of its 15th anniversary, the year you turn 71, or the year after your first qualifying withdrawal, whichever comes first. Close it by then to avoid tax. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/closing-your-fhsa.html), checked 13 October 2026. - Home Buyers' Plan money is repaid to your RRSPs over 15 years. If your first withdrawal is in 2026, 2027 or 2028, repayments start in the fifth year after the withdrawal. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html), checked 13 October 2026. ## Good to know - A qualifying FHSA withdrawal to buy a home does not have to be paid back, and there is no minimum time the money must stay in the account first. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/withdrawals-transfers-out-your-fhsas.html), checked 13 October 2026. - You can use both an FHSA withdrawal and the Home Buyers' Plan for the same home, as long as you meet the conditions for each. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html), checked 13 October 2026. ## Questions people ask ### How much can I put in an FHSA? Up to $8,000 in the year you open your first FHSA. That room is shared across all your FHSAs, so opening a second account does not give you more. Your CRA account shows your room for later years. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html), checked 13 October 2026. ### Do I pay tax when I take money out of my FHSA to buy a home? No. If you meet all the qualifying withdrawal conditions, you can take out everything in your FHSAs tax-free, in one withdrawal or several. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/withdrawals-transfers-out-your-fhsas.html), checked 13 October 2026. ### Can my partner and I both use our FHSAs for the same home? Yes. If you buy or build a home together, each of you can make a qualifying withdrawal from your own FHSA, as long as each of you meets the conditions. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/withdrawals-transfers-out-your-fhsas.html), checked 13 October 2026. ### When do I start repaying the Home Buyers' Plan? If your first HBP withdrawal is between 2026 and 2028, repayments start in the fifth year after. For example, a first withdrawal in 2026 means your first repayment year is 2031. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html), checked 13 October 2026. ### What happens to my FHSA if I never buy a home? Before the account must close, you can usually move the money into your RRSP or RRIF without paying tax right away. If you withdraw it as cash instead, it counts as taxable income. Source: [canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/closing-your-fhsa.html), checked 13 October 2026. ## More - [Get a building or renovation permit](https://canadaservicemap.ca/services/building-permit) - [Zoning, land use and development applications](https://canadaservicemap.ca/services/zoning) - [Search or register a land title](https://canadaservicemap.ca/services/land-titles) - [Check or appeal your property assessment](https://canadaservicemap.ca/services/property-assessment) - [Renting: rules, rent increases, evictions and disputes](https://canadaservicemap.ca/services/rental-disputes) - [Apply for social or affordable housing](https://canadaservicemap.ca/services/social-housing) ## Cite this page Canada Service Map, "First-time home buyer: FHSA and Home Buyers' Plan", checked 13 October 2026, https://canadaservicemap.ca/services/first-home