FHSA, RRSP, or TFSA? What's best for first-time home buyers?

FHSA, RRSP, or TFSA? What’s best for first-time buyers?

There’s a new registered plan in town — the First Home Savings Account (FHSA) — and it’s designed specifically to help people save for a down payment on a first home. Our members have been asking us how the FHSA stacks up against existing plans like the Home Buyers’ Plan (HBP) within a Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA). So, we made a table:

Why not all of them?

Each plan has its pros and cons, and the best choice for you may actually be “all three.” After all, with home prices as high as they are these days, first-time home buyers need to use all the tools. Speak with your Prospera advisor about how the FHSA, RRSP HBP, and/or TFSA can accelerate your savings towards a down payment on a home of your own.

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