# First-Time Home Buyers in Canada: FHSA, HBP, Down Payment > Your first home in Canada: using the FHSA and Home Buyers' Plan together, minimum down payments, CMHC insurance, the stress test and the $10,000 credit. Source: https://trykosh.com/for/first-time-home-buyers Kosh for first-time home buyers # Your first home in Canada, planned from your own numbers The FHSA, the Home Buyers' Plan, CMHC insurance, the stress test and a $10,000 tax credit all apply to first-time buyers, and they interact. Kosh reads your statements and maps a realistic path to your down payment. ## What gets in the way ### Two programs, one down payment The FHSA and the RRSP Home Buyers' Plan can be used for the same home, but the rules, limits and repayments differ. ### A moving down payment target Minimums are tiered by price, and putting down less than 20% adds a mortgage insurance premium to the loan. ### Qualifying, not just affording Lenders can test you at a higher rate than you'll actually pay, so the mortgage you qualify for can be less than you expect. ### Savings scattered everywhere A TFSA here, an RRSP at work, cash in chequing. It's hard to see how close you really are. ## What Kosh does about it ### Totals your down payment Kosh adds up FHSA, RRSP, TFSA and cash from your statements and shows how much you could use, and from where. ### Orders the accounts FHSA first for its deduction and tax-free withdrawal, then the HBP if needed, with the repayment schedule spelled out. ### Shows the real down payment The minimum for your target price, the insurance premium if you're under 20%, and what reaching 20% would save. ### Plans the monthly saving From your actual spending, a realistic monthly amount and a target date. ### Reminds about deadlines FHSA contributions by December 31, the RRSP deadline and HBP repayments when they start. ## Free tools for first-time home buyers [Free tool**Mortgage payment calculator**Work out your mortgage payment the way Canadian lenders do, with semi-annual compounding, any payment frequency and CMHC insurance added when you put down less than 20%.](/tools/mortgage-payment-calculator)[Free tool**RRSP tax refund calculator**Find out how much tax an RRSP contribution saves you this year, and what it really costs once the refund comes back.](/tools/rrsp-calculator) ## A CFO for first-time home buyers. Upload a statement and Kosh maps your money, estimates your federal and provincial tax and tells you the one thing to fix first. Free to start. [Start free](/signup?via=for-first-time-home-buyers) ## Can you use the FHSA and Home Buyers' Plan together? Yes. The **FHSA** lets you contribute $8,000 a year, up to $40,000 in total, with up to $8,000 of unused room carried forward. Contributions are deductible and qualifying withdrawals are tax-free. On a $75,000 Ontario salary, a full year's contribution cuts 2026 tax by about **$2,520**. The **Home Buyers' Plan** lets you withdraw up to $60,000 from your RRSP for the same home. You repay it over 15 years; for first withdrawals made from 2026 to 2028, repayments start in the fifth year after the withdrawal. See [the FHSA guide](/learn/fhsa-explained) and [the Home Buyers' Plan](/learn/home-buyers-plan). ## Minimum down payment and CMHC insurance Minimum down payment in Canada Purchase price Minimum down payment Up to $500,000 5% $500,000 to $1.5 million 5% of the first $500,000 plus 10% of the rest $1.5 million or more 20% With less than 20% down, the mortgage must be insured. CMHC's premium is a percentage of the loan, 4.00% at 90.01% to 95% loan-to-value and lower as your down payment grows, and is usually added to the mortgage. Since December 15, 2024, insured mortgages are available on homes up to $1.5 million, and all first-time buyers can get a 30-year amortization. See [CMHC mortgage insurance](/learn/cmhc-mortgage-insurance). ## The tax credit and the stress test In the year you buy, you can claim the home buyers' amount of up to $10,000, a non-refundable credit at the lowest federal rate. For uninsured mortgages, federally regulated lenders qualify you at the greater of your contract rate plus 2% or 5.25%. See [how mortgages work in Canada](/learn/how-mortgages-work-in-canada). [Free tool**Mortgage payment calculator**Work out your mortgage payment the way Canadian lenders do, with semi-annual compounding, any payment frequency and CMHC insurance added when you put down less than 20%.](/tools/mortgage-payment-calculator) ## Frequently asked questions Can I use the FHSA and the Home Buyers' Plan for the same home? Yes. You can make a qualifying FHSA withdrawal and an HBP withdrawal of up to $60,000 from your RRSP for the same qualifying home, as long as you meet the conditions of each at the time of each withdrawal. What is the minimum down payment in Canada? 5% of the first $500,000, plus 10% of any part of the price between $500,000 and $1.5 million. Homes priced at $1.5 million or more need at least 20% down. Who counts as a first-time home buyer? For the FHSA and the home buyers' amount, generally someone who did not live in a home that they owned, or for the FHSA that their spouse or common-law partner owned, in the current year or the previous four calendar years. How much is CMHC insurance? CMHC premiums range from 0.60% to 4.00% of the loan depending on your loan-to-value ratio, and 4.50% for 90.01% to 95% with a non-traditional down payment. Provincial sales tax applies to the premium in Quebec, Ontario and Saskatchewan and can't be added to the loan. Can Kosh get me a mortgage? No. Kosh isn't a lender or broker. It shows how much you have for a down payment, what each program is worth to you and what monthly saving gets you there, so you go to a lender prepared. ## Sources - [CRA: What is the Home Buyers' Plan](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html) - [CRA: Opening your FHSAs](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/opening-your-fhsas.html) - [CRA: Line 31270 Home buyers' amount](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31270-home-buyers-amount.html) - [FCAC: Saving for a down payment](https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html) - [CMHC: Mortgage loan insurance premiums](https://www.cmhc-schl.gc.ca/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-mortgage-loan-insurance-cost) - [OSFI: Minimum qualifying rate for uninsured mortgages](https://www.osfi-bsif.gc.ca/en/supervision/financial-institutions/banks/minimum-qualifying-rate-uninsured-mortgages) - [Finance Canada: Mortgage reforms (effective December 15, 2024)](https://www.canada.ca/en/department-finance/news/2024/09/government-announces-boldest-mortgage-reforms-in-decades-to-unlock-homeownership-for-more-canadians.html) General information for planning, not tax, legal or investment advice. Kosh is an educational financial planning tool by Primedepth Labs. It is not registered with any Canadian securities regulator as an adviser or dealer, does not recommend specific securities, and does not hold your money or execute trades. Tax figures are estimates; confirm with the CRA or a qualified professional before acting. Investing carries risk.