TL;DR

The best stack is the one that protects your cash-to-close certainty, not the one with the most theoretical tax advantage.

Why this comparison matters

First-time buyers often ask one account question when they actually have a sequence question. The order of contributions can change your usable down payment and first-year stress level.

Account order matters as much as account choice.

At-a-glance comparison for 2026 planning

Option Core tax profile Repayment profile Best use case
FHSA Contributions generally deductible; qualifying withdrawals tax-free No repayment for qualifying withdrawals Base layer for eligible first-time buyers
RRSP + HBP RRSP deduction now, HBP withdrawal tax-free if repaid under rules Repayment over 15 years Supplement when FHSA alone is insufficient
TFSA No deduction, growth and withdrawals generally tax-free No repayment Flexibility buffer and timing uncertainty hedge
  1. Confirm FHSA eligibility and room, then fill a planned contribution path.
  2. Add RRSP contributions only when HBP use is realistic and repayment is manageable.
  3. Keep TFSA liquidity for closing volatility, emergency reserve, and moving-year uncertainty.
First home savings stack timeline in Canada comparing FHSA RRSP Home Buyers Plan and TFSA at sunset
Strong stacks separate down payment capital from emergency liquidity.

One behavior trap to avoid

Anchoring bias

focusing only on the biggest deduction today and ignoring repayment and cash-flow impact during your first ownership year.

Best next step

Sources