Calgary Down Payment, FHSA and HBP Guide for 2026
A down payment is only one part of the cash plan. Coordinate the FHSA, Home Buyers’ Plan and a separate reserve for closing and ownership costs.
Jim Ang RealtyA buyer who has enough for the minimum down payment can still be short at closing. Legal fees, inspections, adjustments, moving expenses and immediate repairs need their own cash reserve. Build the full plan before shopping at the top of a lender limit.
First-time buyers may also combine registered savings tools when eligible. The rules and timing matter, so verify them with CRA and the financial professionals involved.
How the First Home Savings Account works
CRA states that an FHSA is designed to help eligible first-time home buyers save for a qualifying home. The first year of participation room is $8,000. Contributions may be deductible and qualifying withdrawals can be tax-free, subject to current rules.
Opening an account starts participation-room mechanics; simply being eligible does not create unlimited past room. Confirm your available room in CRA records before contributing.
How the Home Buyers’ Plan can fit
The Home Buyers’ Plan permits an eligible withdrawal from registered retirement savings for a qualifying home. CRA’s current withdrawal limit is $60,000. Repayment and eligibility rules apply, so model the future repayment—not just the cash available today.
CRA explains that an eligible buyer may use the HBP and an FHSA qualifying withdrawal for the same home if all conditions are met.
Keep a closing-cost reserve
Ask for property-specific estimates instead of applying one generic percentage to every purchase.
- Home inspection and any specialist follow-up.
- Real estate lawyer fees, disbursements and title work.
- Property-tax, condominium-fee or utility adjustments.
- Lender-required appraisal or mortgage-insurance-related amounts where applicable.
- Moving, locks, insurance, immediate maintenance and a post-closing emergency fund.
Sequence the money before an offer
Confirm the source of funds, transfer timing, deposit requirement and lender documentation before writing. Do not move registered money based only on a blog or social post. A lender, CRA guidance and your tax advisor can confirm the correct sequence for your circumstances.
Frequently asked questions
What is the 2026 FHSA annual participation room?
CRA currently states that first-year FHSA participation room is $8,000, subject to eligibility and current rules.
What is the current Home Buyers’ Plan limit?
CRA currently lists a $60,000 withdrawal limit per eligible participant. Repayment and qualifying-home rules apply.
Can I use both FHSA and HBP for one Calgary home?
CRA says an eligible buyer can use both for the same qualifying home if all conditions for each program are met.
Official sources
This guide uses current first-party information. Rules, programs, market conditions, and property details can change.
- First Home Savings AccountCanada Revenue Agency · checked 2026-07-13
- Home Buyers PlanCanada Revenue Agency · checked 2026-07-13
- Buying a homeFinancial Consumer Agency of Canada · checked 2026-07-13
Reviewed July 13, 2026. General information only; confirm current lending, legal, tax, insurance and property-specific requirements.
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