💰 Saving for a Down Payment

Make every dollar count with the right financial tools. Below are five of the best banking products in Canada to help you reach your homeownership goal faster.

High-Interest Savings Account (HISA)

Grow your savings faster with a higher return. HISAs are low risk and provide easy access to your money when you need it.

Tax-Free First Home Savings Account (FHSA)

Save up to $8,000 per year, to a lifetime maximum of $40,000, tax-free.

• Contributions are tax-deductible
• Withdrawals for your first home are completely tax-free

RRSP – Home Buyers’ Plan (HBP)

Withdraw up to $35,000 tax-free from your RRSP to buy your first home.

• Up to 15 years to repay the amount
• RRSP contributions remain tax-sheltered

Tax-Free Savings Account (TFSA)

A flexible option that allows your money to grow tax-free, with no penalties when you withdraw funds for your home purchase.

Guaranteed Investment Certificates (GICs)

A secure, low-risk investment with guaranteed returns—ideal for short- to mid-term savings.

Tip: Choose redeemable GICs to avoid penalties when you’re ready to buy.

✨ Let’s build a plan that works with your timeline and budget. You don’t have to do this alone.

Contact me at: angie@mountainviewmortgage.ca