Back to Blog

Smart Money: Saving For a Down Payment with Incentives

General Angela Calla 9 Nov


What it is: Use up to $35,000 of your RRSPs (registered retirement savings plan) toward your down payment.  Those funds have to be repaid back within 15 years.

Benefits:  Any funds you contribute are tax-deductible.

How to use it: If you’re palling to save the max ($35k) over 5 years, save $134/week.

How to bump up your savings: With any tax returns you receive from your RRSP contributions, deposit them into your RRSP to boost your savings and increase your tax deductions from the next year!

Bonus:  If you employer has an RRSP matching program, opt in and you’ll see your savings grow twice as fast!


What it is:  Contribute up to $8,000 annually with a lifetime contribution limit of $40,000.  Any unused contribution room can carry forward to the following year up to a maximum of $8,000.

Benefits:  Any withdrawals are tax free like a TFSA and like an RRSP, any funds you contribute are tax-deductible.  Invest the funds and watch them grow!

How to use it: To maximize the annual contribution, save $153/week.

How to bump up your savings: With any tax returns you receive from your FHSA contributions, deposit them into your FHSA to boost your savings and increase your tax deductions for the next year!


In total, using both these programs to their full potential could gain you $75,000 to use towards your down payment on your first home!

Over 5 years, saving $287/week will get you $75,000 for a down payment!

While that’s not realistic for everyone, contributing anything is going to have tax benefits and investment earnings over time.  If home ownership is on your vision board, it’s time to start taking advantage of these programs and grow that down payment!

Need more information?  Reach out to us at or 604-802-3983.

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at or at 604-802-3983.

Click here to view the latest news on our blog.