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FHSA

first home savings account

Save for Your First Home & Reduce Tax

A First Home Savings Account combines RRSP-style tax deductions with TFSA-style tax-free withdrawals.

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FHSA Essentials

The important FHSA numbers and rules at a glance to guide your first home savings journey.

Annual Room
$ 0
Lifetime Limit
$ 0
Carry-forward
Up to $ 0
Max Period
0 Years

Two Tax Advantages

A powerful account designed specifically for a first home. Get the tax-deductible benefits of an RRSP combined with the tax-free withdrawal perks of a TFSA.

  • Tax-deductible contributions to lower your annual taxable income
  • Tax-sheltered growth for all qualifying investments inside the account
  • Tax-free withdrawals for your down payment (no tax on principal or growth)
  • No repayment required, unlike the Home Buyers’ Plan (HBP) rules
  • Can be combined with your existing HBP for maximum buying power
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What If You Do Not Buy?

Your FHSA savings may still support retirement

Transfer to RRSP

Tax-deferred transfer without using room

Transfer to RRIF

Move funds directly for retirement

Taxable Withdrawal

Included in income for the year received

When the FHSA will End

15 Years

15th anniversary of opening

Age 71

December 31 of the year you turn 71

Home

Following year after first qualifying withdrawal

Common FHSA questions

Frequently Asked Questions

Who can open an FHSA?

To open an FHSA, you must be a Canadian resident, between 18 and 71 years of age, and qualify as a first-time home buyer.

No, contribution room does not accumulate before you open the account. Your annual contribution room starts building only after your FHSA is officially opened.

Yes, you can hold multiple FHSA accounts, but your lifetime and annual contribution limits remain shared across all of them (up to $8,000 annually and $40,000 lifetime).

Only the account holder can claim tax deductions for contributions. However, you can receive funds as a gift from family members or a spouse to contribute to your own FHSA.

Yes! You can combine tax-free withdrawals from both your FHSA and the Home Buyers’ Plan (HBP) to purchase your first qualifying home, maximizing your overall buying power.

No, unlike the Home Buyers’ Plan (HBP), qualifying withdrawals from an FHSA are completely tax-free and do not need to be repaid to the account.

Plan Your First Home with Your Finza

Review eligibility, tax strategy, and down-payment targets in a focused complimentary consultation.

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