While the HBP is also a tool designed to help with the down payment for your first home, the funds (maximum of $35,000) come from your RRSP and must be paid back within 15 years. If you miss paying back your HBP, those missed payments are added to your income and you forfeit the accompanying contribution room in your RRSP. The amount you repay to your RRSP will eventually be taxed once you withdraw them, either through the RRSP or a RRIF, whereas the withdrawals from the FHSA are completely tax-free.
The main point to be aware of is that you can’t participate in the HBP and withdraw from your FHSA at the same time. You’ll need to determine which one is the best for you. For example, if you planned to purchase a home and you could only contribute $8,000 to your FHSA, but you already have significantly more funds in your RRSP, the HBP might be the right way to go. Chat with an advisor who can go over the benefits of each option with you.