Eligibility

An FHSA is available to individuals who meet all of the following requirements:

• Is a resident of Canada at the time of purchase.
• Is between the ages of 18 and 71.
• Has a valid Social Insurance Number (SIN).
• Is a first-time home buyer. To be considered a first-time home buyer, you or your spouse can’t own a home which you lived in during the year the FHSA is opened or during the previous four years. *You are not considered a first-time home buyer if you are purchasing an investment property.

Contributions & Withdrawals

• The maximum annual FHSA contribution limit is $8,000, up to a lifetime contribution limit of $40,000.
• Unused contributions of up to $8,000 can be carried forward.
• Carry forward room starts to accumulate once the FHSA is opened.
• Qualifying withdrawals are non-taxable. For a withdrawal to qualify:
  • The investment holder must be a first-time home buyer and a resident of Canada.
  • The withdrawal must be made within 30 days of moving into the home.
  • There must be a written agreement to buy or build a qualifying home before October 1^st of the year following the withdrawal.
  • The qualifying home must be in Canada.
  • You must occupy the home as your principal place of residence within one year of building or buying it.
• If you do not use the full amount of your FHSA towards a qualifying withdrawal, the unused amounts can be transferred, tax-free, to an RRSP or RRIF in your name.