A tax free savings account designed to help you save for your first home.
Why invest in a FHSA?
Reduce your taxable income
Contributions to your FHSA reduce your taxable income.
Grow your savings tax-free
Any interest or income earned on your FHSA is tax-sheltered.
Saving a little over time adds up
You only need to fund your FHSA with $50 to start saving. Our pre-authorized payment plan can be customized to your needs and budget.
Combine programs
You can participate in the Home Buyers Plan and FHSA to purchase a qualifying home.
Fast Facts about FHSA
Here's what you need to know about your First Home Savings Account
Who can open a FHSA?
Any Canadian resident ages 18-71 who does not currently own a home or has owned one in the last 4 years can open a FHSA.
How much can I contribute?
Over a 15 year period, you can contribute up to $8,000 plus unused contribution room annually, with a lifetime amount of $40,000.
What happens when I find a home?
FHSA funds can be withdrawn tax-free when you purchase a qualifying home. Contact us and we'll make it happen!
What if I don't purchase a home?
If you don't buy a home, you can transfer your FHSA contributions directly to your RRSP or RIFF tax-free. You can also make a taxable withdrawal and report this as income.
Do I need to repay my FHSA contributions?
Once you use your FHSA to purchase a home, you do not need to repay your contributions.