First Home Savings Account (FHSA)

Your pathway to homeownership

Saving has never been easier

Unlock your dream home with an FHSA

Investing in your dream home has never been easier with the First Home Savings Account (FHSA). Introduced in 2022 and designed specifically for first-time homebuyers, the FHSA offers a seamless and tax-free approach to saving for your future home. Say goodbye to complicated financial jargon and hello to a straightforward, accessible way to achieve your homeownership goals.

How the FHSA works

Contribute annually
Contribute up to $8,000 annually, with a lifetime limit of $40,000.
15-year life span
Your FHSA is valid for 15 years, giving you ample time to save for your new home.
Tax-free income
Enjoy tax-free income and gains generated by your FHSA contributions.

Why open an FHSA?

An easy way to save more
The FHSA is tailor-made to assist you in purchasing your first home. With its tax-free savings structure, you can watch your savings grow steadily toward homeownership without the burden of taxation.
Benefit now through tax deductions
Enjoy the benefit of tax deductions on your contributions, reducing your taxable income for the year. This means more money in your pocket to invest in your future home.
Your FHSA contributions aren't limited to just a down payment. Should your plans change, you have the flexibility to transfer the funds to an RRSP or RRIF without impacting your contribution room.

Frequently asked questions

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