Made available by the Federal Government in 2023, a Tax-Free First Home Savings Account (FHSA) is a registered plan product meant to help first-time home buyers save for a home (up to certain limits).

The FHSA is not meant to replace an RRSP or a TSFA. This should be seen as a complimentary product to help you save for your first home.

Who qualifies?

• You must be at least 18 years old (or age of majority).
• You must be a resident of Canada.
• You must not have lived in a home that you have owned at any time during the year the FHSA is opened or during the four preceding calendar years.

Key Features:

• Individuals can contribute to a maximum of $8,000 per year.
• FHSA contributions are tax-free up to $40,000.
• Income earned is also tax-free.
• Contributions to a FHSA reduce taxable income.
• Participate in both the RRSP Home Buyers Plan and FHSA to purchase a qualifying home.
• A tax-free transfer of funds from RRSP to a FHSA is permitted, subject to limits.

Interested in learning more? 

A FHSA isn't the only way to save for a home. If you'd like to talk about other options, please contact us or indicate that on the intake form. We'd be happy to discuss your saving options with you.

Purchasing your first home is no easy task.  Download this guide as your one-stop go-to resource for all things home buying.