Short answer
Yes. You may make a qualifying FHSA withdrawal and an eligible Home Buyers’ Plan withdrawal for the same home if you satisfy each program’s conditions at the time of each withdrawal.
The client’s real concern
A couple thinks they must choose only one program, or assumes qualification for one automatically makes them eligible for the other.
What the official rule says
CRA expressly permits FHSA and HBP use for the same qualifying home. They are separate programs: the FHSA can provide a qualifying tax-free withdrawal, while the HBP is an RRSP withdrawal that normally creates a repayment obligation.
What this does not guarantee
Neither program increases the lender’s maximum mortgage automatically. The funds must be accessible on time, properly sourced and acceptable under the purchase, insurer and lender requirements.
A practical Ontario example
Illustration only: Two eligible buyers may each have FHSA funds and HBP-eligible RRSP funds. The combined amount can strengthen the down payment, but they still need closing costs, reserves and a mortgage they can afford.
What I would check before relying on the money
Build one closing-funds schedule showing each account, owner, requested withdrawal date, deposit already paid and remaining cash required. Have tax eligibility confirmed before making irreversible withdrawals.
- Which program are you using: FHSA, HBP, both, or another source?
- Who owns the account and independently meets that program’s definition?
- When were funds contributed, and when must they be withdrawn?
- Will the full bank, RRSP or FHSA trail satisfy the lender and lawyer?
- What cash remains for the deposit, adjustments, tax, legal costs and emergencies?
Rajiv’s broker perspective
Tax eligibility and mortgage approval are two separate tests. CRA determines whether the withdrawal or credit qualifies under tax law. The lender, mortgage insurer where applicable, and lawyer separately examine ownership, source of funds, borrowed down payment, timing and affordability. I would build one funds-to-close schedule first, then compare suitable A-lender, alternative/B, MIC or private options only if the complete mortgage facts require them. A tax benefit should support the plan—not hide a cash shortfall.
Related: First-Time Buyer Rule Hub · Mortgage Knowledge Centre · Updates & Rules Centre
Will your down payment be ready when the offer becomes firm?
Send Rajiv the purchase timeline, account types, contribution dates, expected withdrawals and available closing cash. He can prepare a practical funds-to-close review and identify questions that need your accountant or lawyer before you commit.