Skip to main content

What is an FHSA?

The First Home Savings Account (FHSA) is an investment option available to Canadian residents, designed to help first-time homebuyers save for a down payment by providing tax advantages. Contributions to an FHSA are deductible from income, like an RRSP, while income and gains are tax-free, like a TFSA.

Key Information

Key Information


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 1st 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.
More Information

For more information visit the Government of Canada website.


Children running into new home ahead of parents

Additional Information

  • An FHSA can only be open for 15 years.
  • An FHSA must be closed by the end of the year when the holder reaches age 71 or within one year of making a qualified withdrawal to purchase your first home.
  • It is important to keep track of your FHSA contributions, especially if you have multiple FHSAs, as the annual contribution limit is per person, not per account.
  • You may use the FHSA and the RRSP Home Buyers Plan (HBP) for the same qualifying home.
Shaking hands

Getting Started

Meet with a Member Advisor to learn more about the First Home Savings Account and to open your account.

Our Rates



Member Advisor

Member Advisor