Save up to $40,000 tax-free towards your first home purchase with the First Home Savings Account
The First Home Savings Account (FHSA) is a registered account that helps Canadians save for their first home. It combines the tax advantages of both an RRSP and a TFSA, making it an powerful tool for first-time homebuyers.
You can contribute up to $8,000 per year to your FHSA, with a lifetime contribution limit of $40,000. These contributions are tax-deductible, and any investment growth within the account is tax-free. When you're ready to buy your first home, you can withdraw the funds tax-free for your purchase.
To open an FHSA, you must be a Canadian resident, at least 18 years old, and a first-time homebuyer. First-time homebuyer means you haven't owned a home in which you lived in the current year or the previous four calendar years.
The FHSA can be used in conjunction with other first-time homebuyer programs, such as the Home Buyers' Plan (HBP) and the First-Time Home Buyer Incentive. Our experts can help you develop a strategy to maximize these benefits and achieve your home ownership goals faster.
Contribute up to $8,000 annually, with a lifetime limit of $40,000
Contributions are tax-deductible, similar to an RRSP
Withdraw funds tax-free when used for your first home purchase
Choose from a variety of investment options to grow your savings
Account can remain open for up to 15 years
Option to transfer unused funds to your RRSP tax-free