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).

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

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

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. 
This website uses cookies to improve your user experience. By continuing to browse the site you are agreeing to our use of cookies.