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First Home Savings Account (FHSA)
Make your dream of owning a home come true.
What is an FHSA
A Tax-Free FHSA can help you save money for your first home while giving you some tax advantages along the way. It’s a way to make your savings grow faster and keep more of your money when you’re ready to buy a house. A Tax-Free FHSA is a special type of registered savings plan that combines certain aspects of a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA).
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Why should you invest in an FHSA?

  • Get tax benefits. Your FHSA contributions can reduce your taxable income.
  • Grow your savings tax-free. Any investment income in your FHSA is non-taxable while it's in your account.
  • Save for your first home, tax-free. Pay no taxes on your withdrawals when you use your FHSA towards the purchase of a qualifying home.

Who is eligible?

An FHSA is available to individuals who meet the following requirements:

  • Is a resident of Canada at time of purchase
  • Is between the ages of 18 - 71
  • Has a valid SIN
  • Is a first-time home buyer

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FHSA Features

  • Contribute to a maximum of $8,000 per year
  • Contributions are tax-free up to $40,000
  • Income earned is also tax-free
  • A tax-free transfer of funds from RRSP to a FHSA is permitted, subject to limits
More info

Take the next step

Talk to one of our experts for a tailored and structured approach to saving for your first home. We are here to support you on your savings journey. 
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