First Home Savings Account (FHSA)
The First Home Savings Account (FHSA) is a type of registered savings plan introduced by the federal government in 2022. An FHSA is designed to help you save for your first home, tax-free and help you reach your vision of owning a home faster!
What is a First Home Savings Account (FHSA)?
An FHSA combines some of the features of an RRSP and TFSA. Contributions will generally be tax-deductible, and when a qualifying withdrawal is made, the amount withdrawn is not-taxable1.
Am I eligible for an FHSA?
To open a First Home Savings Account, you must be:
- A Canadian resident
- 18 years or older2
- A first-time home buyer3
How does an FHSA work?
- Annual contributions are capped at $8,000 up to a $40,000 lifetime contribution limit.
- A maximum of $8,000 unused contribution room can carry forward to the following year.
- The account can stay open for a maximum 15 years4 or until the end of the year you turn 71
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