A tax free savings account designed to help you save for your first home
Why invest in a FHSA?
Reduce your taxable income
Contributions to your FHSA reduce your taxable income.
Grow your savings tax-free
Any interest or income earned on your FHSA is tax-sheltered.
Saving a little over time adds up
You only need to fund your FHSA with $50 to start saving. Our pre-authorized payment plan can be customized to your needs and budget.
Combine programs
You can participate in the Home Buyers Plan and FHSA to purchase a qualifying home.
Fast Facts about FHSA
Here's what you need to know about your First Home Savings Account
Who can open a FHSA?
Any Canadian resident ages 18-71 who does not currently own a home or has owned one in the last 4 years can open a FHSA.
How much can I contribute?
Over a 15 year period, you can contribute up to $8,000 plus unused contribution room annually, with a lifetime amount of $40,000.
What happens when I find a home?
FHSA funds can be withdrawn tax-free when you purchase a qualifying home. Contact us and we'll make it happen!
What if I don't purchase a home?
If you don't buy a home, you can transfer your FHSA contributions directly to your RRSP or RIFF tax-free. You can also make a taxable withdrawal and report this as income.
Do I need to repay my FHSA contributions?
Once you use your FHSA to purchase a home, you do not need to repay your contributions.
Our experienced tax team can help you file your taxes accurately and on time. We can help you identify all eligible deductions and credits to ensure you get the maximum returns.