How much do you really have to put down?
Add up your FHSA, your RRSP under the Home Buyers' Plan, your savings and any gift. Then see the refunds and credits first-time buyers can get back, and whether it all clears the minimum down payment.
Rough numbers only. This is a calculator for planning, not an approval or advice. Rates shown are examples you can change. Nothing you type is saved unless you choose to email it to yourself.
- Minimum down payment on this price
- FHSA (tax-free withdrawal)
- Home Buyers' Plan (repay over 15 years)
- Savings and gift
- HBP repayment per year
- Land transfer tax refunds (at closing)
- Federal home buyers' tax credit (at tax time)
- New-home GST rebate (estimate)
- Money back, all in
Rough numbers for planning only. This isn't an approval, a quote, an offer or advice. Example rates are for the math and aren't rates we're offering. Your lender's policies, your credit and the property change the real answer.
Three steps.
Enter the price you're looking at
The minimum down payment depends on the price. The tool works it out for you.
Add every source of money
FHSA balances, RRSP money you'd take out under the Home Buyers' Plan, regular savings and any gift from family.
Check the money coming back
Land transfer tax refunds, the federal tax credit and, on a brand-new home, the GST rebate. Some come at closing, some at tax time.
Worth knowing.
FHSA
Each first-time buyer can put up to $8,000 a year into a First Home Savings Account, to a lifetime limit of $40,000. Contributions are generally tax-deductible, and a qualifying withdrawal for your first home comes out tax-free.
Home Buyers' Plan
You can take up to $60,000 out of your RRSPs, per person, to buy your first home. You pay it back into your RRSP over 15 years. If you miss a year's repayment, that amount is added to your income.
Money back
Ontario refunds up to $4,000 of land transfer tax for first-time buyers, and Toronto refunds up to $4,475 of its own tax. Federally, the home buyers' amount is worth up to $1,500. On a new home, the first-time buyers' GST rebate can cover the GST up to $50,000, shrinking for homes between $1 million and $1.5 million.
The First-Time Buyer's Guide
Down payments, the stress test, FHSA, rebates and closing costs, explained for Ontario buyers.
Get the free guideGood questions.
Can I use my FHSA and the Home Buyers' Plan together?
Yes. If you qualify for both, you can withdraw from your FHSA and take money out of your RRSP under the Home Buyers' Plan for the same home. That's why couples can often put together more than they expect.
Do I have to pay back my FHSA?
No. A qualifying withdrawal from your FHSA for your first home is tax-free and isn't repaid. Home Buyers' Plan withdrawals from your RRSP are different: you repay those over 15 years.
Who counts as a first-time buyer?
Rules differ a little by program, but generally it's someone who hasn't lived in a home they or their spouse or partner owned in the last four years. Recent separation can also qualify you for some programs. Check each program's rules before you count on it.
Is the GST rebate available on resale homes?
No. The first-time buyers' GST/HST rebate applies to newly built or substantially renovated homes. On a resale home, there's usually no GST to rebate.
Want the real number?
These are rough numbers. I can run your actual file against real lender criteria, and checking your options won't touch your credit.
Keep running the numbers
Closing costs
Land transfer tax, rebates, legal, title insurance and the other costs you pay on closing day.
Open the tool Rent vs buyRent vs buy
Compare owning with renting and investing the difference, year by year, with your own assumptions.
Open the tool Mortgage readiness scoreReadiness score
Eight quick questions. Get a readiness score and the three things to do next.
Open the tool