Combining the HBP and FHSA: a $100,000 Down Payment
Yes — in Quebec in 2026, you can combine the Home Buyers' Plan (HBP) and the First Home Savings Account (FHSA) for the same first home: up to $60,000 withdrawn from your RRSP under the HBP, plus $40,000 of FHSA contributions, for a total of $100,000 per person — and $200,000 for an eligible couple. The Canada Revenue Agency confirms this in writing.
That stacking changes your purchase in a concrete way: $100,000 is exactly 20% of a $500,000 home, enough to avoid CMHC mortgage insurance entirely. But the two programs have different rules, different deadlines, and different obligations after you buy. The HBP is repaid over 15 years; the FHSA never is. Here is how to combine them without trapping yourself.
Start with your real number: enter your target home price in our down payment calculator to see your minimum down payment, any CMHC premium and the 9% tax on it — then compare with the $100,000 scenario explained below.
Can you really use the HBP and the FHSA for the same home?
Yes. The CRA states it explicitly: you can withdraw amounts from your RRSP under the HBP and make a qualifying FHSA withdrawal for the same qualifying home, as long as you meet all the conditions of each program at the time of each withdrawal. It is not a choice between the two: they are two separate envelopes that add up.
The shared condition is first-time home buyer status: neither you nor your current spouse may have lived, during the current calendar year (except the 30 days before the withdrawal) and the four previous calendar years, in a home that either of you owned. Each spouse checks their own eligibility: if only one qualifies, only that one can withdraw.
How much can you put together in total, alone and as a couple?
The maximum is $100,000 per eligible person: $60,000 from the HBP and $40,000 from the FHSA. A couple where both partners qualify and have filled both envelopes can therefore put together $200,000 for the same purchase. Note that the FHSA fills slowly, at $8,000 a year — it takes five years of contributions to reach the $40,000 lifetime limit.
| Envelope | Maximum per person | Maximum for a couple | Repayment |
|---|---|---|---|
| HBP (RRSP withdrawal) | $60,000 | $120,000 | Yes, over 15 years |
| FHSA (contributions) | $40,000 | $80,000 | No, never |
| Combined total | $100,000 | $200,000 | — |
Two details that prevent nasty surprises: FHSA room only starts building once the account is opened — open it even with a small deposit, and check your exact room with our FHSA calculator. And moving money from your RRSP into your FHSA creates no new deduction and does not restore RRSP room: you cannot deduct the same savings twice. The two accounts side by side are covered in our RRSP or FHSA guide.
What does a $100,000 down payment change on a $500,000 home?
On a $500,000 home in Quebec in 2026, a $100,000 down payment is 20% of the price: the threshold that removes mandatory mortgage default insurance. With only 5% down ($25,000), you borrow $475,000 plus a 4% CMHC premium — $19,000 added to the loan. Here is the comparison, calculated for this article:
| Scenario ($500,000 home) | Down payment | CMHC premium | Amount borrowed |
|---|---|---|---|
| 5% minimum | $25,000 | $19,000 (4% of $475,000) | $494,000 |
| Maximum HBP alone | $60,000 | Yes, because under 20% | More than $440,000 |
| Maximum HBP + FHSA | $100,000 (20%) | $0 | $400,000 |
The gap between the minimum scenario and the stacked scenario is $94,000 less debt on day one — before counting the interest saved over a 25-year amortization. Rerun the math with your own target price in the down payment calculator, then test the resulting payment in our mortgage calculator. Our article on buying with 5% down details the full premium grid.
When do you have to repay the HBP — and what is the 2026-2028 relief?
The HBP is repaid over 15 years, at a minimum of one fifteenth of the amount withdrawn each year: for a maximum $60,000 withdrawal, that is $4,000 a year. The FHSA, by contrast, is never repaid. One important, extended measure from the CRA: for a first withdrawal made between January 1, 2026 and December 31, 2028, the repayment period only starts in the fifth year following the withdrawal, instead of the second.
| First HBP withdrawal | Repayment starts (relief) | Minimum annual repayment ($60,000) |
|---|---|---|
| 2026 | 2031 | $4,000 |
| 2027 | 2032 | $4,000 |
| 2028 | 2033 | $4,000 |
You repay by contributing to your RRSP and designating the amount on your return (Schedule 7). The repayment is not deductible: you are paying back money that was already deducted originally. And if you miss a year's minimum, the shortfall is added to your taxable income for that year, on line 12900. Many older articles still say repayment starts in the second year: for a 2026, 2027 or 2028 withdrawal, it is the fifth — always check your CRA HBP statement of account.
Which conditions and deadlines can make the stacking fall apart?
Four traps come up again and again. First, the 89-day rule: RRSP contributions made in the 89 days before your HBP withdrawal may not be deductible if the RRSP's value after the withdrawal drops below those contributions — do not make a big last-minute deposit expecting to collect both the deduction and the withdrawal at once. Second, the written agreement: a mortgage pre-approval does not count as an agreement to buy.
Third, the purchase deadlines: you must acquire or build the home before October 1 of the year following your first withdrawal, and occupy it as your principal residence within a year of buying. Fourth, the withdrawal window: all your HBP withdrawals must fall in the same calendar year as the first one, or in January of the following year — not later. For the FHSA, add its own clock: the account must be closed by the end of the 15th year after it was opened. Check your FHSA room year by year in our article on FHSA contribution room.
In short: open your FHSA early so the room starts running, let your RRSP contributions age at least 90 days to be safe, sign your agreement before withdrawing, and treat HBP repayment as a fixed obligation starting in the fifth year. Combining the HBP and the FHSA is one of the rare places where the Canadian tax system lets you add two benefits for the same purchase — as long as you respect each clock separately.
Frequently asked questions
Can you combine the HBP and the FHSA to buy the same home?
Yes. The Canada Revenue Agency confirms that you can withdraw from your RRSP under the Home Buyers' Plan and make a qualifying FHSA withdrawal for the same qualifying home, if you meet each program's conditions at the time of each withdrawal. The limits add up: $60,000 from the HBP plus $40,000 from the FHSA, for $100,000 per person and $200,000 for an eligible couple.
How much can I withdraw at most under the HBP in 2026?
The HBP limit has been $60,000 per person since April 2024 — it was $35,000 before that. Your RRSP issuer withholds no tax on a withdrawal of $60,000 or less that meets the conditions. Any amount withdrawn under the HBP above $60,000 must be reported as income in the year of withdrawal, with tax withheld on the excess.
When does HBP repayment start if I withdraw in 2026?
For a first withdrawal made between January 1, 2026 and December 31, 2028, the CRA's extended temporary relief defers the start of repayment to the fifth year following the withdrawal: a 2026 withdrawal therefore starts being repaid in 2031, then over 15 years. For $60,000, the annual minimum is $4,000. That is a change from the old second-year rule, which many older articles still cite.
What happens if I miss a year's minimum HBP repayment?
The part of the required minimum that you did not contribute to your RRSP is added to your taxable income for that year, on line 12900 of your return. Your HBP balance drops by that amount, but you pay tax as if you had withdrawn that sum for good. Amounts designated as HBP repayments are never deductible: they put back money that already produced a deduction when it was first contributed.
Do I need to wait 90 days after an RRSP contribution before an HBP withdrawal?
To be safe, yes. The CRA limits the deduction for contributions made in the 89 days before an HBP withdrawal: the portion of those contributions that exceeds the RRSP's value right after the withdrawal can never be deducted. For recent contributions to be fully deductible, the RRSP's value after the withdrawal must stay at least equal to them. So plan your deposits at least three months before your planned withdrawal.
Does the FHSA have to be repaid like the HBP?
No. That is the big difference between the two programs: a qualifying FHSA withdrawal for a first home is not taxable and never has to be repaid. The HBP, by contrast, works like a loan to yourself, repayable over 15 years. The FHSA is capped at $8,000 of contributions per year, $40,000 lifetime, and its room only starts running once the account is opened.
Official sources
- ARC — Le régime d'accession à la propriété (RAP) : limite 60 000 $, cumul avec le CELIAPP et allègement 2026-2028
- ARC — Comment participer au régime d'accession à la propriété (conditions d'admissibilité)
- ARC — Comment rembourser les fonds retirés dans le cadre du RAP
- Épargne Placements Québec — Compte d'épargne libre d'impôt pour l'achat d'une première propriété (CELIAPP) : 8 000 $/an, 40 000 $ à vie