This applies to you if you:
- Are a first-time home buyer in Calgary or Alberta
- Have an FHSA, RRSP, or are considering opening one
- Want to maximize your down payment using tax-advantaged accounts
- Are buying with a partner or spouse
- Are 1–4 years from your purchase date
The Stack — How the Two Programs Work Together
| Program | Max Amount | Repayment | Tax Treatment |
|---|---|---|---|
| FHSA | $40K per person ($80K couple) | Never — no repayment | Deductible in, tax-free out |
| RRSP Home Buyers' Plan | $60K per person ($120K couple) | Over 15 years | Deductible going in; taxable if not repaid |
| Combined (couple) | $200,000 | HBP portion over 15 years | Both programs available simultaneously |
FHSA — The Superior Tool
The First Home Savings Account (FHSA) launched in 2023 and is the single most powerful first-time buyer tool Canada has ever offered. It combines the best features of an RRSP (tax deductible going in) and a TFSA (tax-free coming out) — specifically for first-home purchase.
- $8,000/year contribution room, $40,000 lifetime per person
- Contributions are tax-deductible — same tax reduction as RRSP
- Withdrawals for first home are completely tax-free — no repayment ever
- Unused room carries forward one year (max $16K in year 2 if year 1 was missed)
- Couples can each open one: $80,000 combined, zero repayment
Open your FHSA now — even if you're years away from buying.
The contribution room starts accumulating from the year you open the account. If you open it today and contribute $8,000/year for 3 years, you have $24,000 tax-deductible, tax-free before you even start shopping.
RRSP Home Buyers' Plan — The Complement
The RRSP Home Buyers' Plan lets you withdraw up to $60,000 per person from your RRSP for a first home purchase — and stack it on top of FHSA funds. The catch: it must be repaid over 15 years (1/15th per year) or it's added to your taxable income that year.
- $60,000 per person maximum — $120,000 per couple
- Funds must have been in your RRSP for at least 90 days before withdrawal
- Repay 1/15th per year over 15 years or include in income
- Can be combined with FHSA — both programs available simultaneously
The Full Stack — Calgary Couple Example
Two people buying together in Calgary, 2026:
Partner 1 FHSA: $40,000 (tax-free, no repayment)
Partner 2 FHSA: $40,000 (tax-free, no repayment)
Partner 1 RRSP HBP: $60,000 (repay over 15 years)
Partner 2 RRSP HBP: $60,000 (repay over 15 years)
Total down payment: $200,000
On a $700K Calgary home, that's a 28.6% down payment — no CMHC insurance required, access to best A-lender rates.
What Qualifies as a "First-Time Buyer"
- You have not owned a qualifying home in the past 4 years
- If buying with a partner, both must be first-time buyers for both FHSA accounts
- RRSP HBP: same 4-year rule applies
- Previously owned a home but sold it 4+ years ago? You may qualify again
For the complete first-time buyer guide — down payment requirements, income needed, the mortgage process, and all government programs — see the main first-time home buyer Calgary guide.