MortgageExpert
Planning a down payment with a tax refund
Updated 2026-04-19
Tax Refund Down Payment Plan

Turn Your Tax Refund
Into a Down Payment.

Build a practical path to homeownership by combining your tax refund, savings, and eligible buyer programs. Get a custom strategy with clear numbers and next steps.

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Why It Works

Small moves today,
faster homeownership tomorrow.

Most buyers do not need one big lump sum. They need a clean strategy that stacks refunds, savings, and eligible programs in the right order.

Clear Target Number

We calculate your realistic minimum down payment target based on your price range.

Tax Refund Allocation

A defined refund-allocation plan helps move money directly toward your down payment goal.

Program Stacking

Combine FHSA, RRSP Home Buyers' Plan, and rebates where eligible to grow faster.

Timeline Milestones

Set monthly checkpoints so you know exactly when you can start making offers.

Pre-Approval Ready

Align your savings and documents so you can move quickly once your target is reached.

Lower Monthly Cost

A stronger down payment can reduce loan size and improve your monthly affordability.

How It Works

Build your down payment
in 4 clear steps.

01

Set Purchase Range

Estimate home price range and calculate your minimum down payment target.

02

Map Your Sources

List tax refund, monthly savings, FHSA contributions, and eligible RRSP withdrawals.

03

Build Timeline

Create a month-by-month plan so you know your expected readiness date.

04

Request Pre-Approval

Once you hit target and documentation is ready, compare lender options and move.

Sample Plan

Example: $650,000 purchase
$40,000 down payment target.

Minimum required down payment at $650,000 is $40,000.
Tax refund contribution: $4,500.
FHSA savings contribution: $8,000.
RRSP Home Buyers' Plan withdrawal: $20,000.
Regular savings contribution: $7,500.
Budget planning for down payment
$40,000
Target reached by stacking sources

Down Payment Programs Comparison

Compare programs you may be able to use alongside your tax refund.

ProgramMax ContributionEligibilityTax Benefit
First Home Savings Account (FHSA)$40,000 (2023–2024)First-time buyers, <$95K household incomeTax deduction + tax-free growth
Home Buyers' Plan (HBP)$35,000 per personFirst-time buyers, RRSP account holderWithdraw from RRSP tax-free
Combined FHSA + HBPUp to $75,000First-time buyers with both accountsMaximum down payment boost
Land Transfer Tax Rebate (Ontario)Up to $4,000First-time buyers, property < $368,750Reduces closing costs directly

Testimonials

Buyers who used a
smart down payment strategy.

I was spending my refund every year. This plan showed me exactly how to stack my refund and FHSA savings. We reached our target four months faster.

Anika R.

Oshawa

First-Time

The strategy gave us a real timeline and a number we could trust. Once we hit it, pre-approval and lender matching moved quickly.

David & Nora T.

Whitby

Purchase

The consultation was practical and easy to follow. We combined our refund and RRSP withdrawal correctly and felt confident making offers.

Chris M.

Ajax

First-Time

FAQ

Tax refund down payment questions.

Start your down payment strategy

Ready to build your down payment plan?

Get a custom strategy using your tax refund and available buyer programs. Free consultation and no obligation.