Contribution Rules
Annual and lifetime contribution limits for your FHSA
- Annual contribution limit: $8,000
- Lifetime contribution limit: $40,000
- Unused contribution room carries forward
- Can contribute until December 31st of the year you turn 71
Insurance Service
FHSA
First Home Savings Account combining RRSP and TFSA benefits for first-time home buyers.
Service Overview
Your Path to Homeownership
The First Home Savings Account (FHSA) is a revolutionary savings tool that combines the best features of RRSPs and TFSAs specifically for first-time home buyers. Get tax deductions on contributions like an RRSP, plus tax-free withdrawals like a TFSA when purchasing your first home.
Key Features
FHSA Benefits
Maximize your home buying power
Tax Deduction Benefits
Contribute up to $8,000 annually and claim immediate tax deductions, just like an RRSP.
- Annual contribution limit of $8,000
- Lifetime contribution limit of $40,000
- Immediate tax deduction on contributions
- Reduce your taxable income
Tax-Free Withdrawals
Withdraw funds tax-free for your first home purchase, including investment growth.
- Tax-free withdrawals for qualifying home purchases
- No need to repay withdrawn amounts
- Investment growth is also tax-free
- Can be used for down payment and closing costs
Flexible Investment Options
Invest your FHSA funds in various qualified investments to grow your savings.
- GICs and term deposits
- Mutual funds and ETFs
- Stocks and bonds
- Professional investment management available
First-Time Buyer Focus
Specifically designed for Canadians who have never owned a home or haven't owned one in the past 4 years.
- Must be a Canadian resident
- Must be 18 years of age or older
- First-time home buyer qualification
- Can contribute until age 71
Detailed Information
FHSA Rules & Guidelines
Important information about your First Home Savings Account
Withdrawal Requirements
Requirements for qualifying home purchases
- Must be used for qualifying first home purchase
- Home must be located in Canada
- Must be your principal residence
- Written agreement to buy must be entered into by October 1st of the year following withdrawal
Account Duration
Timeline and closure requirements for your FHSA
- Maximum 15 years from opening
- Must close by December 31st of the year you turn 71
- Closes automatically after first qualifying withdrawal
- Can transfer remaining funds to RRSP or RRIF tax-free
Ready to Start Saving for Your First Home?
Open your FHSA today and take advantage of the best tax benefits available for first-time home buyers.