FHSA and HBP serve different purposes
An FHSA is a registered savings arrangement with its own eligibility, participation and withdrawal rules. The HBP permits an eligible RRSP withdrawal, currently up to $60,000, with repayment obligations. Neither means the government is approving your mortgage. Check your own account history and eligibility with the CRA material and a qualified tax professional.
Remove discontinued help from the budget
New applications to the First-Time Home Buyer Incentive closed in March 2024. Do not add a shared-equity contribution from that program to today’s down payment plan. Provincial or municipal measures may exist, but availability, income limits, ownership tests and property rules vary. Verify the actual program operator and application deadline.
Treat amortization as a cost choice
Federal insured-mortgage reforms expanded access to 30-year amortizations for eligible first-time buyers and buyers of new builds. A longer amortization can reduce regular payments while increasing interest under otherwise identical assumptions. Eligibility, premiums and lender terms still need to be checked; use the worksheet to compare your own quoted scenarios.
A question worth asking
Can I assume all first-time buyer definitions match?
No. A savings plan, tax measure, insurer and lender may use different definitions and conditions. Check each separately.
Check the source
Primary references checked October 28, 2026. Rules and product availability can change; confirm the requirements for your actual transaction.