First Home Savings Account (FHSA)

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What is an FHSA?

This new account is a great savings vehicle for your homebuying goals because you never pay a tax bill on these savings.* 

It's the best part of both a Registered Retirement Savings Plan (RRSP), which gives you tax-deduction perks, and a Tax-Free Savings Account (TFSA), which lets your investments grow without a tax bill. This means that the money you put in and earn in this account goes towards the down payment of your first home.

Why invest in an FHSA?

The First Home Savings Account (FHSA) is a registered investment account that can help Canadians contribute up to $40,000 for their first home.

Any growth from your investments is tax-free. Contributions you make to your FHSA can also reduce your taxable income.*

What are the contribution limits?

Every year you gain contribution room in your FHSA. As of April 2023, you can contribute $8,000 annually in your FHSA. However, it’s important to make sure you don’t over-contribute.††

Who’s eligible for the FHSA?

There are three important components to qualify for this investment vehicle:

  • You need to be a resident of Canada
  • You have to be at least 18 years of age (or the age of majority in your province or territory)
  • You or your spouse can't own a home in which you lived, at any time in the year the account is opened or during the previous four calendar years

Is this Registered Plan right for you?

Right for you if you:

  • Are a Canadian Resident
  • Have reached the age of majority in the province where the account is set-up
  • Are a First Time Home Buyer
  • Want your savings to grow over time with the ability to withdraw all of the funds tax-free to buy your first home

May not be right for you if you:

  • Are not a first-time home buyer*
  • Are not a Canadian Resident
  • Are turning 72 this year -since you can only hold and contribute to a FHSA until the year in which you turn 71

Frequently Asked Questions

Building your FHSA

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Investments and peace of mind can go together.

How to save for a down payment towards a home as a newcomer

New to Canada and want to buy a home? Here's how to save for your down payment.

Understanding FHSA contribution limits

How you can use the FHSA properly to save toward your first home.

How the Home Buyers' Plan (HBP) can help you become a homeowner

Learn how the Home Buyers' Plan lets you use your RRSP to help pay for your first home.


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