First Home Savings Account (FHSA)

Start saving towards your first home in Canada, tax-free. Coming soon to Scotiabank.

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 save 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

Sign up to be notified when the FHSA is available at Scotiabank.

Frequently Asked Questions

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Want to start saving today?

Take a look at these tax sheltered options

Tax-Free Savings Accounts (TFSA)

A TFSA is a great way to save for both short and long-term goals, with the flexibility to withdraw your money at any time without penalty.1

Savings Accelerator Account

Earn up to 4.05% interest until August 31, 2023 on eligible new deposits in your TFSA with the Savings Accelerator Account.


Investments and peace of mind can go together.

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

Buying a house

Buying a home is a huge financial decision, probably one of the biggest you’ll ever make. There are a lot of things to consider before taking the plunge, but the process doesn’t have to be complicated. We’ve broken it down into 10 easy steps.

How much house can I afford? 

When buying a home, you’ll want one that works with your financial plan. Here are a few things to consider before taking out a mortgage.


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.

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