Let’s make something great together.
Schedule a Meeting
Calculate the required savings for your first home purchase.
Get expert guidance from Canada's top portfolio managers.
Tailored FHSA investment options as per your goals.
Yearly review to ensure your FHSA meets your goals.
Quick and simple process to apply for your FHSA online.
Temporary repayment(2 years to 5 years): More info read here
The First Home Savings Account (FHSA) is a new, government-initiated savings plan that provides a unique opportunity for Canadians aiming to buy their first home. Launched in 2022, the FHSA allows first-time homebuyers to save for a home tax-free, combining the advantages of both a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP). This specialized account helps you save for a down payment on your first home while benefiting from tax-deductible contributions and tax-free growth. By contributing to a FHSA, you can fast-track your journey to homeownership while keeping more of your money working for you.
The First Home Savings Account (FHSA) is a registered savings plan designed to help first-time homebuyers save efficiently for their dream home. You can contribute up to $8,000 per year, with a lifetime limit of $40,000, and carry forward unused room up to $8,000 to future years. Contributions are tax-deductible, reducing your taxable income, while any investment earnings within the account grow tax-free. The FHSA allows you to hold a variety of investments, such as mutual funds, stocks, GICs, and ETFs, enabling faster savings growth compared to traditional accounts. When you're ready to buy a qualifying home, withdrawals are completely tax-free. The account can remain open for up to 15 years or until the end of the year you turn 71, offering flexibility and ample time to reach your homeownership goals.
Annual tax-deductible FHSA contribution limit
Lifetime FHSA contribution limit
How much you’ll pay in taxes on FHSA earnings
We help you begin your first home savings plan with a customized plan made just for you. Follow the below steps to find the best FHSA investment options.
We will help you open and set up your FHSA as per the customized plan.
Tax-free withdrawals for your first home make it even easier to save.
Reach your homeownership goal faster with a lifetime contribution limit of $40,000.
Apply NowSchedule a free meeting and get a customized plan as per your needs.
Start investing in your FHSA account and make your dream home a reality.
Discover how FHSA helps you save for your dream home.
Contributions to your FHSA reduce taxable income, offering immediate tax savings and maximizing your financial efficiency.
Investment income and gains within the FHSA grow tax-free, enhancing savings potential for your first home.
Withdraw funds tax-free when purchasing a qualifying first home, keeping more money in your pocket.
Save up to $40,000 lifetime, with $8,000 annual limits, to build a substantial down payment for your home.
Invest in mutual funds, GICs, stocks, ETFs, and more to align with your risk tolerance and savings goals.
$8,000 of unused contribution room can be carried forward to future years. Conditions may apply.
Transfer unused FHSA funds tax-free to an RRSP or RRIF if you choose not to purchase a home.
Enjoy a 15-year timeframe to save, invest, and make qualifying withdrawals or transfers to other accounts.
The FHSA has annual and lifetime contribution limits designed to ensure the account is used primarily for saving for your first home.
You can contribute up to $8,000 each year to your FHSA.
The FHSA has a lifetime contribution limit of $40,000, which applies to all FHSA accounts held by an individual. Even if you open multiple FHSAs, the total contributions across all accounts cannot exceed this lifetime limit.
To withdraw funds from your FHSA, you must meet the following conditions:
You must be using the funds to purchase your first home, and you must not have owned a home in the past four years.
You must withdraw the funds within 15 years of opening the account or by your 71st birthday, whichever comes first.
As long as you use the funds to purchase a qualifying home, the withdrawal is tax-free, which is one of the key advantages of the FHSA.
To withdraw funds from your FHSA tax-free, you must have a written agreement to purchase or build a qualifying home before making the withdrawal.
Maximize your savings with the First Home Savings Account and step closer to homeownership.
Schedule A MeetingThe FHSA is often compared to two other popular savings accounts: the RRSP and the TFSA. Each account has its unique benefits, but the FHSA offers advantages specific to first-time homebuyers:
The RRSP and FHSA both offer tax-deductible contributions and tax-free investment growth, but they differ in purpose and withdrawal rules. The RRSP is geared toward retirement savings, with higher contribution limits (18% of earned income, up to $32,490 for 2025) and allows withdrawals of up to $60,000 tax-free under the Home Buyers' Plan (HBP) for a first home, requiring repayment over 15 years. The FHSA, on the other hand, is designed specifically for first-time homebuyers, with annual contributions of up to $8,000 (lifetime max of $40,000) and offers tax-free withdrawals for qualifying home purchases without requiring repayment.
Both the FHSA and TFSA allow for tax-free growth, but the FHSA is more beneficial for first-time homebuyers due to its annual contribution limit and lifetime contribution cap. The TFSA has more flexibility in terms of withdrawals for any purpose, but the FHSA is focused solely on homeownership.
Yes, one of the primary benefits of the FHSA is that your contributions are tax-deductible, similar to an RRSP. When you contribute to your FHSA, you can reduce your taxable income for the year, which may lower the amount of tax you owe. For example, if you contribute the maximum $8,000 in a given year, your taxable income for that year would be reduced by $8,000, resulting in a potential tax saving. This tax advantage makes the FHSA an attractive option for anyone saving for their first home.
To open and contribute to FHSA, you need to meet the following eligibility criteria:
You must be a Canadian resident and must have reached the age of majority in your province or territory (either 18 or 19 years old, depending on the jurisdiction) but not older than 71 years.
When you withdraw for a home purchase, you, your spouse or your common-law partner haven’t lived in a qualifying home that either of you have owned, in the previous four calendar years.
If you’ve already contributed to an FHSA in previous years, you may not be eligible to open a new one.
If you do not end up purchasing a home, the FHSA funds can be transferred to another registered account, such as an RRSP or an RRIF. This allows you to continue to benefit from the tax advantages associated with those accounts, even if your home buying plans change. However, any unused contribution room will expire after 15 years, so it’s important to keep track of your savings and withdrawal plans.
Fill out the form below, and our team will get back to you within one business day.
Claims Settled
Super Visa Policy
Issued in less than
Discover answers to the most asked questions and find helpful information that resolves common issues quickly, with detailed explanations to guide you every step of the way.
