How to use FHSA and RRSP withdrawals for a home down payment in Canada

There are key differences between HBP RRSP withdrawals and FHSA withdrawals that may favor the FHSA for home buying. FHSA contribution room does not carry forward after purchasing a home, and once withdrawn, there is no repayment requirement. In contrast, HBP withdrawals require repayment over 15 years, with tax implications for any unpaid amounts. Both withdrawals can be used for eligible home purchases, but funds can also be allocated for renovations. Prioritizing FHSA contributions and then RRSPs is advisable, with any remaining funds going into TFSAs.