First-Time Home Buyer
Maximize FHSA + RRSP HBP + tax credits for your down payment.
AED
AED
AED
Max $40K lifetime, $8K/year
AED
Max $60K withdrawal per person
AED
For FHSA tax deduction estimate
Total Down Payment
AED 96,000
16% of purchase price
Total Tax Benefits
AED 10,220
Down Payment Sources
Cash savingsAED 50,000
FHSA withdrawal (tax-free)AED 16,000
RRSP HBP (repay over 15 yrs)AED 30,000
TotalAED 96,000
Tax Benefits
FHSA tax deduction (29.5% rate)AED 4,720
First-Time Home Buyer Tax CreditAED 1,500
LTT Rebate (Ontario est.)AED 4,000
Total benefitsAED 10,220
FHSA: Tax-deductible contributions, tax-free qualified withdrawals. Must be open 1+ year before withdrawal.
HBP: Borrow from RRSP interest-free. Repay 1/15th annually over 15 years starting 2 years after withdrawal.
Couple: Max AED 80,000 FHSA + AED 120,000 HBP = AED 200,000 combined.
HBP: Borrow from RRSP interest-free. Repay 1/15th annually over 15 years starting 2 years after withdrawal.
Couple: Max AED 80,000 FHSA + AED 120,000 HBP = AED 200,000 combined.
Calculations are estimates only and do not constitute financial advice. Actual rates, fees, and eligibility may vary by lender. Always consult a licensed mortgage professional.