Save for your first home with a FHSA
The First Home Savings Account (FHSA) is a registered savings plan introduced by the federal government in 2023 to help Canadians save for their first home on a tax-free basis. Contributions are tax-deductible and earnings are tax-sheltered in the plan. Qualifying withdrawals from the FHSA used to make qualifying first home purchase are non-taxable.
Yearly maximum contribution of $8,000 with a lifetime FHSA limit of $40,000.
FHSA Benefits
- Lowers taxable income
- Savings grow tax-deferred
- Funds not used for a home purchase can be transferred to a RRSP, if age requirements are met, or to a RRIF
- Must be at least 18 years of age
- Be a Canadian resident
- Be a first-time home buyer and
- Have a valid SIN