The order to fill the three accounts, a calendar of the deadlines that trip people up, and two worked examples: a single buyer with five years and a couple buying in eighteen months. Then a check against the minimum down payment and the insured cap.
Both give you a deduction and a tax-free withdrawal for a first home. One has to be paid back over 15 years. Here is how the two compare, the exact conditions for each, the repayment schedule under the 2022–2028 deferral, and how to stack them.
You get a lifetime $2,000 cushion above your RRSP deduction limit. Beyond it, the CRA charges 1% a month and expects a T1-OVP within 90 days of year-end. Here is how to tell if you are over, what it costs, and the forms that get the money out without withholding tax.
The CRA charges 1% a month on the highest excess in your TFSA. Here is how people end up over the limit, what it costs, the exact steps and deadline to fix it, and how to ask for the penalty to be waived.
Both grow tax-free and both come out tax-free for a home. Only one gives you a deduction on the way in. Here is the math on FHSA first, when the TFSA still wins, and how to move existing TFSA savings across without losing room.
Considering a new chequing account? As of November 2026, Wealthsimple’s chequing account offers no monthly fees, competitive interest tiers, strong CDIC coverage, easy mobile features, and international payment tools. Read why it’s worth a look.