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Buying Your Home

A little help for this big milestone

It’s no secret, buying your first home today is hard. Having a long-term plan to save and starting early can smooth the road to homeownership. Kickstart your savings by taking advantage of the tax-efficient programs available right now to help you buy your first home.

First Home Savings Account (FHSA)

An FHSA is a new type of savings account that lets you contribute up to $8,000 a year (to a lifetime maximum of $40,000) to help finance the purchase of your first home. Over 300,000 Canadians opened an FHSA in the first 8 months after the program was launched on April 1, 2023!1

Similar to a Registered Retirement Savings Plan (RRSP), you could be eligible for an income tax deduction when you contribute, and eligible withdrawals are tax-exempt like a Tax-Free Savings Account (TFSA).  If you want to learn more about the FHSA, check out our primer: The First Home Savings Account: Your Questions Answered.


The First Home Savings Account: Your Questions Answered

The first home savings account, or FHSA, is a new savings tool to help first-time homebuyers purchase a home by offering tax advantages.

Home Buyers Plan (HBP)

The HBP program enables first-time home buyers to make tax-free withdrawals up to $35,000 from your existing RRSPs to buy or build a qualifying home for yourself. The key difference between the FHSA and the HBP is that you must repay the HBP funds back into your RRSPs within 15 years, starting in the second tax year after you took out the funds.

For more on the HBP see the Canada Revenue Agency’s website: The Home Buyers' Plan -

Great news! You can take advantage of both programs to buy your first home as long as you meet all the conditions at the time of each withdrawal.

Get a Quote on Home Insurance

Having the right protection for your home is essential. CDSPI Home Insuranceprovides solid protection at preferred group rates for dental professionals, their spouses and dependents.

CDSPI Home Insurance provides coverage for:

  • Homeowners
  • Condominium owners
  • Tenants
  • Seasonal dwellings
  • Rental dwellings.

Get an insurance quote and, if you agree to purchase the coverage, you can lock-in this quoted rate for when your current insurance expires—up to 12 months away (certain conditions apply).

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We're Here to Help

To get started saving, simply book a meeting with an Investment Advisor from CDSPI Advisory Services Inc. They can help you open a First Home Savings Account and determine if the Home Buyers Plan is right for you.

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Meet with us at a time that suits your schedule.

* The CDSPI Home & Auto Insurance Program is underwritten by The Personal Insurance Company and distributed by CDSPI Advisory Services Inc.