First Home Savings Account (FHSA)

There’s a home out there just for you.
Make it yours with the First Home Savings Account.

Special Offer

From February 1 to May 31, earn an interest rate of up to 5.10% on new FHSA deposits with the Savings Accelerator Account.

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 January 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

Special offer

Savings Accelerator Account

February 1 to May 31, earn an interest rate of up to 5.10% on new FHSA deposits with the Savings Accelerator Account.

Special Offer

Guaranteed Investment Certificates (GICs)

A worry-free investment product that keeps your principal investment safe and has a guaranteed rate of return. 

 

Celebrate Lunar New Year with our limited-time offer GIC rate.

Mutual funds

Mutual funds deliver instant diversification and professional money management in a cost-effective and convenient solution.

ScotiaFunds® Portfolio Solutions

Our Portfolio Solutions offer a diversified mix of mutual funds in the convenience of single investment to help you grow your savings while carefully managing risk.  Whether you are seeking regular income or long-term growth, there’s a portfolio solution designed to help you achieve your goals.

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Advice+

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.

Resources

Mortgage calculator

Find out what your mortgage payments will be, so you can ensure it fits your budget.

What can I afford?

Discover just how much you can spend before you start house hunting.

Scotia Smart Investor

Get investment advice tailored to you. Scotia Smart Investor helps you set, track, and manage your financial goals as your life evolves.

Additional information