FHSA and Home Buyers' Plan: federal programs for a first home (2026)
Québec first-time buyer credit: read the Gatineau guide
By Thomas Lymburner, real estate agent (broker), RE/MAX Direct
Key facts
- FHSA: $8,000 participation room in the year you open your first account.
- FHSA: $40,000 lifetime cap on contributions and RRSP transfers, across all your FHSAs.
- FHSA contributions are generally deductible; RRSP transfers to an FHSA are not.
- HBP: current withdrawal limit of $60,000.
- First HBP withdrawal in 2026: first repayment year 2031 under the supplied temporary relief.
- File Schedule 15 in the year you open your first FHSA, even without a contribution.
FHSA and Home Buyers’ Plan: two federal programs
FHSA stands for First home savings account. Its French name is CELIAPP, compte d’épargne libre d’impôt pour l’achat d’une première propriété. The Home Buyers’ Plan (HBP) is called the Régime d’accession à la propriété (RAP) in French.
Who can open an FHSA?
You must be at least 18 (19 if the provincial legal age is 19), be 71 or younger on December 31 of the opening year, be a resident of Canada and meet the CRA’s first-time home buyer definition when you open the account.
When you open it, you must not have lived in a qualifying home that you owned or jointly owned, or that your spouse or common-law partner owned, as your principal place of residence in the current calendar year or the previous 4 calendar years.
How does FHSA participation room work?
Your participation room is $8,000 in the year you open your first FHSA. For later years, the CRA formula uses the lesser of $8,000 plus your adjusted carry-forward, or the $40,000 lifetime cap minus your past contributions and RRSP transfers.
Room applies across all your FHSAs. Only the holder can contribute and claim the deduction. Income earned inside the FHSA does not use up participation room.
Contributions are generally deductible. Transfers from RRSPs to FHSAs are not deductible.
Opening the account and filing Schedule 15
Your issuer — a bank, credit union, trust company or insurance company — opens the account. You give the issuer your social insurance number and date of birth.
You must file Schedule 15 with your return for the year you open your first FHSA, even if you made no contribution.
Home Buyers’ Plan: withdrawal limit and repayment timing
The current HBP withdrawal limit is $60,000. The 15-year repayment period normally starts in the second year after the withdrawal year.
The temporary relief applies to first withdrawals made between January 1, 2026 and December 31, 2028: repayment starts in the fifth year after the withdrawal year.
For example, a first withdrawal in 2026 means the first repayment year is 2031.
Can you combine the FHSA and the Home Buyers’ Plan on the same home?
Yes. You can make an HBP withdrawal and a qualifying FHSA withdrawal for the same home if you meet all conditions at the time of each withdrawal.
Do these programs replace the Québec credit?
No. These are separate from the Québec first-time buyer credit.
Confirm current rules with the CRA
Canada Revenue Agency pages can change. Confirm the rules for your situation on canada.ca; consult an accountant or your financial institution. Thomas is a real estate broker, not a tax advisor.
Frequently asked questions
The FHSA is the federal First home savings account, called CELIAPP in French. Contributions are generally deductible; transfers from RRSPs to an FHSA are not.
Your room is $8,000 in the year you open your first FHSA. For later years, the formula uses the lesser of $8,000 plus adjusted carry-forward, or $40,000 minus your past contributions and RRSP transfers. The $40,000 lifetime cap covers contributions and transfers across all your FHSAs. Income earned in the account does not use up room.
When you open the account, you must not have lived in a qualifying home you owned or jointly owned, or that your spouse or common-law partner owned, as your principal place of residence in the current calendar year or the previous 4 calendar years.
The current Home Buyers’ Plan withdrawal limit is $60,000. Confirm the applicable conditions on canada.ca.
Yes. You can make an HBP withdrawal and a qualifying FHSA withdrawal for the same home if you meet all conditions at the time of each withdrawal.
No. They are separate programs. See the Gatineau first-time buyer guide for the Québec credit.
Sources
- CRA — What is the Home Buyers’ Plan — 2026-02-17
- CRA — First home savings account (FHSA) — 2026-02-02
- CRA — Opening your FHSAs — 2026-02-10
- CRA — Participating in your FHSAs — 2026-09-17
General information only. This guide is not tax advice; consult an accountant or your financial institution. Thomas is a real estate broker, not a tax advisor.