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Home Buyers’ Plan: RRSP Withdrawals for First-Time Buyers

Unlock your dream home! Learn to strategically leverage RRSP withdrawals and the new FHSA for a powerful down payment, turning complex rules into clear pathways to first-time homeownership.

Created bySophie Wang
BeginnerUpdated Oct 11, 2025

What You'll Learn

  • check_circleUnderstand tax-free RRSP withdrawals for first homes.
  • check_circleLearn HBP eligibility and repayment rules.
  • check_circleExplore FHSA benefits, limits, and growth.
  • check_circleCompare HBP and FHSA for optimal savings.
  • check_circleDiscover combined HBP/FHSA strategies.
  • check_circleAddress HBP rules for unique life events.

About This Course

Welcome to "Home Buyers’ Plan: RRSP Withdrawals for First-Time Buyers"! This comprehensive course demystifies the essential financial tools available to first-time homebuyers in Canada, focusing on the Home Buyers’ Plan (HBP) and the new First Home Savings Account (FHSA).

Navigating the journey to homeownership can be complex, but strategic use of programs like the HBP and FHSA can significantly ease the financial burden. This course will equip you with a deep understanding of how to leverage these powerful accounts to fund your down payment, offering tax advantages and flexibility.

By the end of this course, you will be able to:

  • Understand the core mechanics and eligibility requirements of the Home Buyers’ Plan (HBP), including who qualifies as a "first-time homebuyer" and what constitutes a "qualifying home."
  • Master the HBP withdrawal process, including the application of the 90-day rule and the use of Form T1036, and comprehend the 15-year repayment schedule, including the consequences of missed payments.
  • Explore the First Home Savings Account (FHSA), recognizing its "double tax break" benefits: tax-deductible contributions, tax-free growth, and tax-free withdrawals for a first home purchase.
  • Grasp the FHSA contribution limits ($8,000 annually, $40,000 lifetime) and how unused contribution room can be carried forward, along with rules for withdrawals and account closure.
  • Analyze the key differences and synergies between the HBP and FHSA, learning how to strategically combine both programs to maximize your down payment funds.
  • Identify special HBP provisions for significant life events, such as marriage or common-law partnership breakdown, and disability, understanding their unique eligibility criteria.
  • Prepare for future scenarios affecting HBP repayment, including implications of a participant's death, becoming a non-resident of Canada, or turning 71.

Whether you're just starting your homeownership journey or looking to optimize your savings strategy, this course provides clear, actionable insights to help you make informed decisions.

Course Content

6 activities • 17 videos • duration: 1h 14m

  • videocamOverview of the Home Buyers' Plan (HBP)
    Duration 4:02
  • videocamOverview of the First Home Savings Account (FHSA)
    Duration 3:14

Your Instructor

Sophie Wang

menu_book13 courses
star1,386 reviews

I am Sophie, a Certified Public Accountant (CPA) with more than 10 years of experience and an Accounting degree, I love to bring expertise and practical knowledge to the table. Passionate about accounting, I enjoy simplifying complex concepts for students. My teaching style combines real-world examples with interactive methods, aiming to make accounting principles accessible. I am dedicated to nurturing aspiring accountants and professionals through workshops and mentorship, contributing actively to the field while staying updated with industry trends.

Credit Information

Professional development requirements vary by profession, country, and regulatory body. Before enrolling, review the course details and confirm that the content, learning format, and any listed credits meet your specific requirements. You are responsible for confirming eligibility with your regulator or professional association and keeping the records required for reporting.

What Students Are Saying

4.9 out of 5
Student's Choice
11 reviews

Frequently Asked Questions

We are a registered provider with 300+ associations and regulatory bodies worldwide. We operate across 27 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.

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