It's not just about building a down payment - it's also about choosing the right account to grow your money efficiently and minimize tax.

In Canada, there are a few key account types that can support homeownership goals:

First Home Savings Account (FHSA)

Tax Free Savings Account (TFSA)

RRSP Home Buyers' Plan (HBP)

Non-Registered Investment Accounts

Summary of Options (including gifting and lending strategies)

The FHSA combines the benefits of both TFSAs and RRSPs, offering tax-deductible contributions and tax-free withdrawals for first-time home purchases. Meanwhile, RRSPs can be tapped through the Home Buyers' Plan, and TFSAs offer flexible, tax-free growth with no repayment obligations.

If you're a parent looking to help, choosing how to give - and from which account - can have important tax, estate, and legal implications. Structuring your support wisely can protect your own retirement while still giving your child a strong financial start.

Please contact us if you'd like some customized guidance or a second opinion on which savings account or gifting plan aligns best with your family's homeownership goals.