The entry door to your own house
The FHSA (First Home Savings Account) was created to help you save and buy your first home in Canada.
Every dollar you deposit grows tax-free, and you can contribute up to $8,000 CAD per year, with a lifetime limit of $40,000 CAD over a maximum of 15 years.
In addition, the investment income earned is also tax-free, and you can combine your savings with other registered accounts like the TFSA, RRSP and HBP (home buyers plan).
FHSA (First Home Savings Account)
FHSA BENEFITS
Tax-deductible contributions
Tax-free withdrawals for buying or building your first home
Total contribution limit of up to $40,000 CAD
Tax-free growth
for up to 15 years
Compatible with the Home Buyers’ Plan (HBP) to boost your savings
Ideal for young professionals and families planning to buy their first home in Canada
RRSP+FHSA+HBP: a powerful combination!
Your FHSA allows up to $40,000 of total savings plus tax-free interests,
The HBP allows you to withdraw up to $60 000 from your RRSP to buy a home without paying taxes, as long as you follow the program rules.
With the right strategy you can maximize your down-payment accumulation and accelerate your access to homeownership.
A financial security advisor can help you put in place all the pieces, book a call today!
FHSA FREQUENTLY ASKED QUESTIONS
Who can open an FHSA account?
Any Canadian resident over 18 who has not owned a home in Canada before.
How much can I save in total?
Up to $8,000 CAD per year, with a lifetime maximum of $40,000 CAD over 15 years.
What do I need to open an FHSA?
• Be a Canadian tax resident.
• Have a valid Social Insurance Number (SIN).
• Not have owned a home in the last 4 years.
What happens if I don’t buy a home within 15 years?
You can transfer the funds into your RRSP.
If you want to withdraw your money and close the account, the sum withdrawn will be added to your taxable income for the year.
What’s the difference between an FHSA and a TFSA?
Both offer tax-free growth, but the FHSA is exclusively for buying or building your first home and has contribution/time limits. The TFSA is more flexible and can be used for any personal or financial goal.
Can I use the FHSA together with the RRSP or the Home Buyers’ Plan?
Yes. In fact, combining FHSA + RRSP (HBP) is one of the most recommended strategies for first-time home buyers. You can use your RRSP through the HBP and your FHSA funds together to maximize your down payment and reduce your tax burden.
START BUILDING YOUR FUTURE AS A HOMEOWNER!
Talk to and advisor
put in place your savings strategy today
Experiencias reales, resultados concretos
Personas como tú ya están más cerca de su primera casa gracias a una estrategia de ahorro inteligente y libre de impuestos
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Co Founder
Jhon william
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Co Founder
Sarah albert
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Co Founder
Mike hardson
Learn how to finance your first home in Canada
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