First Time Home Buyers

RRSP Home Buyers’ Plan

  • The Home Buyers' Plan (HBP) is a program that allows first time buyers to withdraw up to $35,000 of RRSP savings (Max-$70,000 for a couple) to help finance the down payment on a home.
  • The great benefit of a HBP is that the withdrawal is not taxable as long as you repay it within a 15-year period
  • Have to apply ahead of time to withdraw the funds from the RRSP

Tax-Free First Home Savings Account

  • The newly introduced Tax-Free First Home Savings Account (FHSA) is a registered plan to help you save towards your first home by allowing you to contribute up to $40,000 over the lifetime of the  plan.
  •  Like an RRSP, contributions would be tax-deductible. And like a TFSA, withdrawals to purchase your first home would be non-taxable.
  •  The main advantage of a FHSA is that unlike the RRSP Home Buyers’ Plan, the funds do not need to be paid back.



Don’t hesitate to ask us something. Email us directly Whether you prefer phone, in-person or online assistance, we’re always here to help.


#108 - 15388 24 Avenue
Surrey, BC V4A 2J2


Dominion Macklem Mortgages is a locally owned and operated Mortgage Brokerage that works for the people of Vancouver and associated regions. Providing the best service and rates in the business, it’s no surprise we have been in the ‘Top 75 Mortgage Broker’ category in Canada for over 30 years.