FHSA + RRSP Planner
Plan your first-time home buyer savings strategy
Your Savings Plan
$
$
(Max $8,000 per year)
$
1 year5 years10 years
Assumes 4% annual investment returns. Actual returns will vary. Always consult a financial advisor for personalized advice.
Total Tax-Free Down Payment
$100,000
In 3 years
FHSA Withdrawal
$40,000
Max: $40K (single)
No repayment needed
RRSP HBP Withdrawal
$60,000
Max: $60K (single)
Must repay over 15 yrs
Projected Balances in 3 Years
FHSA Growth$81,216
RRSP Growth$89,989
RRSP HBP Repayment Schedule (First 6 Years)
Year
Annual Payment
Status
Year 2
$4,000.00
Year 3
$4,000.00
Year 4
$4,000.00
Year 5
$4,000.00
Year 6
$4,000.00
Year 7
$4,000.00
Total repayment: $60,000 over 15 years
FHSA vs RRSP HBP Comparison
Max Withdrawal
FHSA: $40K
RRSP: $60K
Tax Treatment
FHSA: Tax deductible
RRSP: Tax deductible
Growth
FHSA: Tax-free
RRSP: Tax-deferred
Repayment
FHSA: None
RRSP: 15 years