Discover a new way to save for your first home with the Tax-Free First Home Savings Account.
The FHSA combines the benefits of an RRSP and TFSA. Contributions are tax-deductible and any investment returns the account earns can be withdrawn tax-free when the funds are used towards the purchase of your first home.
- A resident of Canada
- At least 18 years old
- A first-time home buyer
- Unused contributions can be carried forward to the next year up to $8,000 ($16,000 total in any given year)
- You can deduct your FHSA contributions from your income tax, like you can with an RRSP. This means that your money will grow faster!
- First-time home buyer
- Resident of Canada
- Withdrawal made within 30 days of moving
- Buy or build a home before October 1st of the following year
- Home is in Canada