FHSA vs. RRSP Home Buyers' Plan: Can You Use Both?

The First Home Savings Account (FHSA) offers RRSP-style tax deductions on the way in and TFSA-style tax-free withdrawals on the way out, specifically for a first home purchase, up to its lifetime contribution limit.

The Home Buyers' Plan (HBP) lets you withdraw from an existing RRSP tax-free for a down payment, provided you repay it over 15 years.

Used together, a buyer can combine FHSA withdrawals with an HBP withdrawal toward the same purchase, meaningfully increasing the down payment they can pull from registered savings — worth modelling early, since the FHSA in particular needs time to accumulate contribution room.