First Home Savings Account (FHSA)
It just got easier to get closer to your first home.
The First Home Savings Account (FHSA) is a new type of registered savings plan to help Canadians save tax-free for their first home. Each year you can contribute up to $8,000 to your plan up to a maximum contribution of $40,000 during your plan’s lifetime¹.
Are you eligible to open an FHSA?
- Age of majority until the year you turn 71 years of age
- A Canadian resident
- A first-time home buyer²
Key Features:
- No limit, qualified tax-free withdrawals
- Contribute are tax-free $8,000 per year
- Income earned is tax-free
- Keep your FHSA open for 15 years
- Tax-free transfers of funds from RRSP to an FHSA is permitted
An FHSA is not the only way to save for your first home. Talk to us about other options. Book an appointment with us and we would be happy to discuss your options.
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1 - You can contribute a maximum of $8,000 per year. Carry over restrictions apply. A maximum total contribution of $40,000 is allowed. Your earnings may exceed that amount.
2 - A "first-time home buyer" is defined as; if you did not live in a “qualifying home” owned by you, or your spouse or common-law partner, at any time in the calendar year before your FHSA account is opened or the previous four years.
A "qualifying home" is defined as a housing unit located in Canada. This includes shares to own a unit of co-op housing.
