About FHSA (First Home Savings Account)
Your Path to Homeownership Starts Here
The First Home Savings Account (FHSA) is a powerful new savings tool designed specifically to help first-time homebuyers achieve their goal of owning a home. With the ability to contribute tax-free and withdraw funds tax-free for a qualifying home purchase, the FHSA combines the best features of an RRSP and a TFSA. It offers an effective way to build up your down payment without the tax burden that usually comes with investment growth.
By using an FHSA, you can accelerate your savings while staying focused on your long-term goal—buying your first home. Contributions are tax-deductible, and your investment earnings grow tax-free, helping you reach your target faster. It’s a smart, structured solution tailored to one of life’s biggest milestones.
Our Impact
Smart Saving, Big Rewards
The FHSA gives you a clear financial advantage when planning to enter the housing market. With a contribution limit of up to $8,000 per year (to a lifetime maximum of $40,000), it enables disciplined saving with meaningful tax benefits. You can also carry forward unused contribution room, making it easier to save even if you can’t contribute the full amount each year.
This account is ideal for young professionals, couples, or anyone planning to purchase their first home in the near future. Combined with sound financial advice and a consistent savings strategy, the FHSA can be the foundation of your journey toward homeownership, making what once felt distant now entirely achievable.