Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

How do I actually layer these grants without losing one?

The part people actually lose is a Home Buyers' Plan repayment deadline, not eligibility: skip a scheduled annual repayment into your RRSP and the Canada Revenue Agency adds that amount to your taxable income for the year instead of rolling it forward. An FHSA carries no such deadline, since it is a savings account, not a loan.

That difference changes how you should sequence the two if you are using both for the same purchase. Draw down the FHSA first when possible, since there is nothing to schedule afterward, and treat the Home Buyers' Plan withdrawal as a commitment with a real annual obligation attached, not free money you dealt with the day you took it out.

The Home Buyers' Plan gives you roughly 15 years to repay the full withdrawal, a minimum of one fifteenth each year, so a $60,000 withdrawal carries a real minimum annual repayment most buyers do not budget for alongside a new mortgage payment.

Two programs used correctly can cover more of your down payment than either alone, but only if you track each one's own clock. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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