Individual Wealth Management
First Home Savings Account | FHSA
The First Home Savings Account (FHSA) helps you save for your first home with tax-deductible contributions and tax-free withdrawals, making it easier to build your down payment faster while enjoying valuable tax advantages.
Why Get A FHSA?
First Home Savings Account
A First Home Savings Account (FHSA) is a government-registered account designed to help eligible Canadians save for their first home. It allows you to contribute up to $40,000, with an annual limit of $8,000, while benefiting from tax-deductible contributions and tax-free withdrawals when used toward a qualifying home purchase. This makes the FHSA one of the most tax-efficient ways to save for a down payment.
How does it work?
Personalized Accounts
FHSA funds can be invested in a variety of options, including stocks, mutual funds, ETFs, and GICs, allowing your savings to grow over time based on your goals and risk tolerance.
First-Time Buyers
Designed specifically for Canadians buying their first home, the FHSA combines the benefits of an RRSP and a TFSA to help you reach homeownership faster and with greater tax advantages.
Simple Savings
An FHSA helps first-time home buyers save for a down payment with tax-deductible contributions and tax-free withdrawals for a qualifying home purchase making it one of the most efficient ways to save for your first home.
How does it work?
Personalized Accounts
FHSA funds can be invested in a variety of options, including stocks, mutual funds, ETFs, and GICs, allowing your savings to grow over time based on your goals and risk tolerance.
First-Time Buyers
Designed specifically for Canadians buying their first home, the FHSA combines the benefits of an RRSP and a TFSA to help you reach homeownership faster and with greater tax advantages.
Simple Savings
An FHSA helps first-time home buyers save for a down payment with tax-deductible contributions and tax-free withdrawals for a qualifying home purchase making it one of the most efficient ways to save for your first home.
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Do you qualify for a FHSA?
Discover if you qualify for an FHSA and how it can help you save for your first home while lowering your taxable income. Learn the key eligibility rules and benefits so you can maximize contributions and take advantage of tax-free withdrawals for a home purchase.
Property Eligibility
FHSA funds must be used to purchase a qualifying home in Canada. Eligible properties include houses, townhomes, condominiums, mobile or modular homes, multi-unit properties, and co-operative housing units.
Personal Eligibility
You may qualify if you are between 18 and 70 years old and considered a first-time home buyer under CRA rules.
Purpose of the Account
The FHSA helps first-time buyers save for a down payment tax-efficiently. Contributions are tax-deductible, qualifying withdrawals are tax-free, and funds can be invested to help grow your savings.
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Do you qualify for a FHSA?
Discover if you qualify for an FHSA and how it can help you save for your first home while lowering your taxable income. Learn the key eligibility rules and benefits so you can maximize contributions and take advantage of tax-free withdrawals for a home purchase.
Property Eligibility
FHSA funds must be used to purchase a qualifying home in Canada. Eligible properties include houses, townhomes, condominiums, mobile or modular homes, multi-unit properties, and co-operative housing units.
Personal Eligibility
You may qualify if you are between 18 and 70 years old and considered a first-time home buyer under CRA rules.
Purpose of the Account
The FHSA helps first-time buyers save for a down payment tax-efficiently. Contributions are tax-deductible, qualifying withdrawals are tax-free, and funds can be invested to help grow your savings.
Not sure if FHSA fits your goals?
An FHSA is a great fit if you’re ready to start planning for your first home. If your goals are more long-term or flexible, options like a TFSA or RRSP might help you grow your money differently. Need help deciding? Talk to one of our advisors today!
Contribution Room
Unused contribution room carries forward, giving you flexibility if you can’t contribute the full amount each year.
Helpful FHSA
Facts to Know!
Helpful facts to know about FHSAs for first-time home buyers. This section outlines important things to understand before using an FHSA.
Tax-Deductible
Contributions reduce your taxable income, similar to an RRSP, helping you save on taxes now.
Investment Growth
Your FHSA can hold a variety of investments like mutual funds, GICs, or stocks, allowing your savings to grow over time.
Contribution Room
Unused contribution room carries forward, giving you flexibility if you can’t contribute the full amount each year.
Helpful FHSA
Facts to Know!
Helpful facts to know about FHSAs for first-time home buyers. This section outlines important things to understand before using an FHSA.
Tax-Deductible
Contributions reduce your taxable income, similar to an RRSP, helping you save on taxes now.
Investment Growth
Your FHSA can hold a variety of investments like mutual funds, GICs, or stocks, allowing your savings to grow over time.
FHSA Contributions
Save tax-deductible amounts toward your first home with an FHSA. You can contribute up to $8,000 per year and a lifetime maximum of $40,000.
$40,000
Contribute per year
Lifetime Maximum
$8,000
FHSA Withdrawals
Withdrawals made for buying a qualifying first home are tax-free. Otherwise, the amount is taxable and must be included in your income.
FHSA Contributions
Save tax-deductible amounts toward your first home with an FHSA. You can contribute up to $8,000 per year and a lifetime maximum of $40,000.
$8,000
contribute per year
Lifetime Maximum
$40,000
FHSA Withdrawals
Withdrawals made for buying a qualifying first home are tax-free. Otherwise, the amount is taxable and must be included in your income.
Frequently Asked Questions
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