Tax-Free First Home Savings Account (FHSA)
The FHSA is expected to become available summer 2023.
What is an FHSA?
An FHSA is a registered savings account that allows prospective first-time home buyers to save up to $40,000 that can be used toward the purchase of their first home. Contributions made to the FHSA are tax-deductible and withdrawals used to purchase a first home, including the investment income, are non-taxable.
FHSA features you’re sure to enjoy
More money in your pocket
Catch up on unused contribution room
Automate your contributions
Getting to know FHSAs
Annual contributions are capped at $8,000 with a lifetime contribution limit of $40,000.
Unused contribution room from one year can be carried forward to the next year. So, for example, if you contributed $2,000 one year, you could carry an additional $6,000 into the next year, making your annual contribution limit a total of $14,000 that year.
- Be 18 years or older
- Be a resident of Canada
- Be a first-time home buyer
• A maximum of 15 years
• Until you turn 71
• Until the end of the year following your qualifying withdrawal for a first-time home purchase
Interested in an FHSA?
Want to be one of the first to take advantage of a Tax-Free First Home Savings Account? Complete the form and we’ll reach out to you with more information as soon as it becomes available.