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

What down-payment help can first-time buyers use in 2026?

First-time buyers in Saskatoon have two federal tools worth using together in 2026: the Home Buyers' Plan, which allows an RRSP withdrawal of up to $60,000 per person toward a down payment, and the First Home Savings Account, which permits contributions of up to $8,000 a year to a $40,000 lifetime limit. The Canada Revenue Agency administers both.

The Home Buyers' Plan is a loan from your own RRSP, repaid over 15 years starting the second year after withdrawal, so it reduces retirement savings temporarily rather than costing anything upfront. The FHSA works differently: contributions are tax deductible and the eventual withdrawal toward a home is tax free, which makes it closer to a grant in effect than a loan.

Using both at once, and timing the withdrawals to line up with a mortgage pre-approval and possession date, is where most of the value gets left on the table if it is done wrong. A buyer who withdraws too early or in the wrong tax year can lose part of the benefit.

Joel Dyck coordinates that timing with your mortgage broker so the accounts and the purchase timeline actually match up. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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