Housing · 2026 rules

Down payment plan

An FHSA is deductible going in and tax-free coming out. The Home Buyers’ Plan lends you your own RRSP interest-free for fifteen years. Together they can carry most of a down payment — this puts a date on it.

FHSA + HBP + savings
Minimum down payment rules
Months to your goal

Your numberslive

Target purchase price

Down payment goalMinimum allowed: $45,00020% · $140,000

5% · $35,00010% · $70,00020% · $140,00035% · $245,000

Saved so far

Saving each month

Expected returnA high-interest savings account or short GIC is typical for a near-term goal.

Your situation

Taxable incomeUsed to value the FHSA deduction.

Province or territory

Buying with a partnerDoubles both the FHSA and HBP limits.Use an FHSAUse the Home Buyers’ Plan

Nothing you type leaves this page. The whole model runs in your browser.

Cash you need at closing

$151,375

$140,000 down payment plus $11,375 of closing costs

At $1,200 a month you reach it in 7 yr 1 mo.

Still to save

$123,375

Sheltered room available

$100,000

FHSA $40,000 + HBP $60,000

FHSA refund this year

$2,372

29.6% of $8,000 contributed

Where the down payment comes from

Target down payment, allocated to the accounts in priority order

29%

43%

29%

FHSA$40,000
Home Buyers’ Plan$60,000
Unsheltered savings$40,000

FHSA$8,000 a year to $40,000 lifetime	$40,000
Home Buyers’ PlanRepaid over 15 years; funds must sit in the RRSP 90 days first	$60,000
Unsheltered savingsInterest is taxed at your full marginal rate	$40,000
Target down payment	$140,000

Your savings path

Projected balance against the cash you need at closing

Projected savings
Cash needed

What 20% actually buys you

At the minimum, $45,000 down4.0% premium added to the loan	$26,200
At your goal, $140,000 down0.0% premium added to the loan	$0
Premium avoided	$26,200

Closing costs

Land transfer tax	$6,475
Legal fees and disbursements	$1,800
Title insurance	$400
Home inspection	$550
Appraisal	$400
Adjustments and moving	$1,750
Total	$11,375

Open the FHSA before you fund itContribution room only starts accruing in the year the account is opened, and there is no retroactive room. Opening one with $100 today is worth more than a plan to open one next year.

How this is calculated

The FHSA allows $8,000 a year to a $40,000 lifetime limit, with one year of unused room carried forward. Contributions are deducted from income and qualifying withdrawals are tax-free, which no other Canadian account does.

The Home Buyers’ Plan allows $60,000 per person from an RRSP, repaid over 15 years. A missed repayment is added to your income for that year.

The refund figure applies your marginal rate to the FHSA contribution using this year’s federal and provincial brackets. The deduction can also be carried forward and claimed in a higher-income year instead.

These results are illustrative estimates based on published 2026 rates and typical lender rules. They are not financial, tax, or legal advice, and they are not a mortgage or credit approval. See the methodology and disclaimer.

Related calculators

Home affordability

Back-solve the price that clears GDS and TDS at the stress-test rate.

Mortgage payment

Semi-annual compounding, CMHC premium, and the equity you build each year.

TFSA, RRSP and FHSA room

Contribution room since 2009, wrapper comparison, and the FHSA deduction.

FHSA

$8,000 a year, deducted from income, withdrawn tax-free for a first home.