50C.jpg
50C.jpg

First Home Savings Account

$0.00

The First Home Savings Account (FHSA) helps first-time buyers save smarter for a home in Canada. It combines the tax deduction of an RRSP with the tax-free withdrawals of a TFSA—purpose-built for your first down payment.

Contributions reduce your taxable income, investments grow tax-free, and when you’re ready to buy, qualified withdrawals for your first home are tax-free. No repayment. No penalties—when used as intended.

Best for:
• First-time buyers priced out of rushing
• Young professionals planning 3–10 years ahead
• Couples stacking FHSA + TFSA + RRSP strategies

If homeownership is on your radar but timing isn’t perfect yet, the FHSA keeps you moving forward—without forcing the purchase.

Saving for your first home—but not buying yet?
The FHSA lets you deduct contributions today and withdraw tax-free later for your first home. Smart, flexible, no rush.

The First Home Savings Account (FHSA) helps first-time buyers save smarter for a home in Canada. It combines the tax deduction of an RRSP with the tax-free withdrawals of a TFSA—purpose-built for your first down payment.

Contributions reduce your taxable income, investments grow tax-free, and when you’re ready to buy, qualified withdrawals for your first home are tax-free. No repayment. No penalties—when used as intended.

Best for:
• First-time buyers priced out of rushing
• Young professionals planning 3–10 years ahead
• Couples stacking FHSA + TFSA + RRSP strategies

If homeownership is on your radar but timing isn’t perfect yet, the FHSA keeps you moving forward—without forcing the purchase.

Saving for your first home—but not buying yet?
The FHSA lets you deduct contributions today and withdraw tax-free later for your first home. Smart, flexible, no rush.

First home on the plan?
Save with tax deductions now. Buy later—tax-free.

Not buying yet? Start here

Which account works right now? Click and compare.

FHSA | TFSA | RRSP

See which fits your situation

FHSA is a purpose account. TFSA is freedom. RRSP is tax strategy.
No one-size-fits-all.

    • FHSA helps you start clean—no past ownership required

    • Ideal while building credit, income history, and stability

    • Pairs well with TFSA first, FHSA second

    Recommended focus:
    ➡️ Stability → Savings discipline → First home plan

    • FHSA accelerates a planned purchase (3–10 years out)

    • Stack FHSA + RRSP + TFSA strategically

    • Strong tax leverage as income grows

    Recommended focus:
    ➡️ Tax efficiency → Investment growth → Purchase readiness

I’m New to Canada | I’m a Young Professional

Not sure where to start? Let’s decide in 60 seconds.

Start the 60-second quiz

Key Advantages of an FHSA

  • Lower your taxes today.
    Contributions to your FHSA can reduce your taxable income—just like an RRSP.

  • Grow your money tax-free.
    Any growth inside your FHSA can be withdrawn tax-free when buying your first home.

  • No repayment required.
    Unlike the RRSP Home Buyers’ Plan, FHSA withdrawals do not need to be paid back.

  • Flexible contribution room.
    You can contribute up to $8,000 per year, with unused room carried forward (up to $16,000 in one year).

  • No wasted savings.
    If you don’t end up buying a home, your FHSA can be transferred to your RRSP or RRIF—no tax penalty.

Did you know?

You can combine FHSA + TFSA savings, and up to $60,000 from your RRSP through the Home Buyers’ Plan, to help fund your first home.

👉 The right mix depends on your income, timeline, and tax situation.
A licensed advisor can help structure this strategically, not randomly.

What is an FHSA?

A First Home Savings Account (FHSA) helps Canadians save for their first home while enjoying:

  • Tax deductions today (like an RRSP)

  • Tax-free withdrawals later (like a TFSA)

When used for a qualifying first home, withdrawals are tax-free and repayment-free. Simple. Powerful. Purpose-built.

You may be eligible if you:

  • Are a Canadian resident

  • Are of legal age in your province

  • Are 71 or younger

  • Have not owned a qualifying home in the current year or the previous 4 calendar years

No legal gymnastics. Just clarity.

Contributions (Simplified)

  • Up to $8,000 per year

  • $40,000 lifetime maximum

  • Unused room can be carried forward

  • Contribution deadline: December 31 each year

Bonus insight: FHSA contributions may generate a tax refund, which can be reinvested to accelerate your home-buying goal

If you are:

  • A first-time buyer

  • A young professional

  • Or an immigrant building roots in Canada

👉 FHSA should be prioritized before RRSP for home goals.

Save for your first home. Reduce taxes today. Grow your money—tax free.

Because peace of mind is a financial strategy.

Start your FHSA plan

First home dreams meet smart tax planning.
FHSA = deduction now, tax-free growth later.