First Home Savings Account

FHSA

Your Path to Homeownership

Understanding your FHSA

The First Home Savings Account (FHSA) combines the best features of an RRSP and a TFSA. Contributions are tax-deductible, and withdrawals for your first home purchase are tax-free.

Best Suited For

First-time home buyers

Renters planning to buy in 5-15 years

Parents helping adult children save

Anyone eligible to open an FHSA

At a Glance

Tax StatusHybrid (Ded/Free)

Annual Limit$8,000

Lifetime Limit$40,000

Primary UseFirst Home

Why choose a FHSA?

Key advantages designed to help you reach your goals faster.

Tax Deductible

Contributions reduce your taxable income, just like an RRSP, giving you immediate tax relief.

Tax-Free Withdrawal

Withdrawals for a qualifying home purchase are completely tax-free, just like a TFSA.

Carry Forward

Unused contribution room can be carried forward up to a maximum of $8,000.

Account Rules & Features

Everything you need to know about how your FHSA works.

$8,000 annual contribution limit

$40,000 lifetime contribution limit

Can be combined with the Home Buyers' Plan (HBP)

Open for 15 years or until age 71

Need help deciding?

Our financial advisors can help you determine the best investment strategy for your unique situation.