First Home Savings Account

FHSA

Made available by the Federal Government in 2023- A Tax-Free First Home Savings Account (FHSA) is a registered plan product meant to help first-time home buyers save for a home (up to certain limits). 

The FHSA is not meant to replace an RRSP or a TSFA. This should be seen as a complimentary product to help you save for your first home.

Who qualifies?

  • You must be at least 18 years old (or age of majority).
  • You must be a resident of Canada.
  • Must not have lived in a home they owned you have owned at any time during the year the FHSA is opened or during the four preceding calendar years.

Key Features:

  • Individuals can contribute to a maximum of $8,000 per year.
  • FHSA Contributions are tax-free up to $40,000.
  • Income earned is also tax-free.
  • Contributions to a FHSA reduce taxable income.
  • Possibility to participate in the HPB and FHSA to purchase a qualifying home.
  • A tax-free transfer of funds from RRSP to a FHSA is permitted, subject to limits.

For more information, please click here to access the information on the CRA website.

You can also contact us for more information.