Which financial product allows first-time home buyers to access their savings for a home purchase?

The Registered Retirement Savings Plan (RRSP) is a financial product that allows first-time home buyers to access their savings for a home purchase through the Home Buyers' Plan (HBP). Under this plan, eligible individuals can withdraw up to a certain amount from their RRSP without incurring immediate tax penalties, provided that the funds are used for purchasing their first home. This can significantly aid first-time home buyers in overcoming the financial barriers typically associated with acquiring a property, allowing them to utilize their retirement savings to achieve their home ownership goals.

While there are other savings vehicles like the Tax-Free Savings Account (TFSA) and High-Interest Savings Account, they do not offer the same specific provisions for first-time home buying as the RRSP does through the HBP. The RESP is intended for education savings, which is not applicable in this context for home purchasing. Thus, the RRSP's unique feature of providing a tax-advantaged withdrawal specifically for first-time home buyers makes it the correct choice in this scenario.