Your first down payment: FHSA + HBP
Two federal programs help first-time buyers build a down payment faster — the First Home Savings Account and the Home Buyers' Plan. Here's how they work, how they stack, and what you actually need to put down in Winnipeg.
How much you need to put down
Canada's minimum down payment scales with price:
- 5% on homes up to $500,000
- 5% on the first $500,000, then 10% on the portion from $500,000 to $1,500,000
- 20% on homes over $1,500,000
On a $450,000 Winnipeg home, the minimum is $22,500. Under 20% down means mortgage default insurance (CMHC) — and in Manitoba no PST is added to that premium.
First Home Savings Account (FHSA)
Contribute up to $8,000 a year, $40,000 lifetime. Contributions are tax-deductible like an RRSP, and withdrawals for a first home come out completely tax-free like a TFSA — the best of both.
Home Buyers' Plan (HBP)
Withdraw up to $60,000 from your RRSP toward a first home — $120,000 for a couple. It's a loan from yourself: repay it over 15 years, with no tax if you stay on schedule.
Stacking them
You can use both. A couple can pull up to $120,000 through the HBP and add tax-free FHSA savings on top — comfortably more than 20% down on most Winnipeg homes, which also avoids CMHC insurance.
General information as of 2026, not financial advice. Program limits and rules change — confirm current details with the CRA and your lender or advisor.
See what you can afford
The affordability calculator has HBP and FHSA toggles so you can see your real buying power.
Frequently asked questions
Can I use the FHSA and the Home Buyers’ Plan together?
Yes. Since 2023 you can use both for the same purchase — withdraw from your FHSA tax-free and take up to $60,000 from your RRSP under the HBP at the same time.
How much can a couple put toward a down payment?
Each person can withdraw up to $60,000 via the HBP ($120,000 combined) and save up to $40,000 each in an FHSA — well over the 20% down needed on most Winnipeg homes.
Do I have to pay the FHSA money back?
No. Unlike the HBP, qualifying FHSA withdrawals for a first home are tax-free and never repaid. The HBP must be repaid to your RRSP over 15 years.
What's the minimum down payment in Winnipeg?
5% on homes up to $500,000 — so $22,500 on a $450,000 home. Below 20% down requires CMHC mortgage insurance, which in Manitoba has no PST added.
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