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 Contributions are tax-deductible and any investment returns the account earns can be withdrawn tax-free when the funds are used towards the purchase of your first home.


Key Requirements

  • A resident of Canada
  • At least 18 years old
  • A first-time home buyer


Qualifying individuals can contribute $8,000 per year to their FHSA
  • 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! 


Conditions for the holder to receive the withdrawal tax-free
  • 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

Key Product Details

A qualifying individual must meet the following criteria: at least 18 years of age and not more than 71 years of age on December 31 of the year. You must be a resident of Canada and a first-time home buyer. 
You can invest $8,000 per calendar year, up to a lifetime maximum of $40,000. 
No, the FHSA will be an individual account and therefore cannot be held jointly. However, you and your spouse can each have an FHSA and can combine your savings to buy a qualifying home. 
Yes, you are able to hold multiple FHSAs, however your total contribution room will remain the same as it would if you only held one FHSA. Please note that the maximum participation period of 15 years will be based on the date you opened your first account. 

Are you ready to start saving for your first home? 

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