Tool 05
Down payment planner
How soon you can buy, with the FHSA and Home Buyers' Plan.
You could be ready in
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- Down payment goal
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- Closing costs
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- Total to save
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- From the Home Buyers' Plan
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- FHSA tax refunds along the way
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- Without the FHSA and HBP it would take
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Good to know
FHSA room only starts once you open the account, and unused room carries forward up to $8,000. Open one now even if you can't fund it yet.
You can use the FHSA and the Home Buyers' Plan on the same purchase. HBP withdrawals must be repaid to your RRSP over 15 years, starting the second year after you withdraw.
A gifted down payment from family is common and accepted by lenders with a signed gift letter. It doesn't show up here, but it counts.
Estimates for planning only, not a mortgage approval, tax or legal advice. What you enter stays in your browser, or on your account if you're signed in.
Using this tool
How to get the most from it
The fastest way to a down payment is usually the government's money working alongside yours.
- The FHSA: up to $8,000 a year and $40,000 in total, tax-deductible going in and tax-free coming out for a first home.
- The Home Buyers' Plan: borrow up to $60,000 from your RRSP and repay it over 15 years.
- The minimum down payment is 5% of the first $500,000 and 10% of the rest up to $1.5 million. At $1.5 million or more, it's 20%.
The approach
With me, you don’t buy with confidence, you close with it.
I'm Nima. My work in commercial and investment real estate has taught me to look beyond the property itself, to the numbers, the risks and the details that matter. I bring that same approach to every residential transaction.