What is the Tax-Free First Home Savings Account?

This is similar to your Tax-Free Savings Account (TFSA), but withdrawals can only be used for purchasing a home. The repayment policy is fair since you only need to pay back 1/15 of what you used starting the second year when you withdrew the funds. If you have the funds available in your RRSP, and you want to buy a home, then using the HBP is not a bad idea.

Which Homes Can You Afford?