FHSA: your first step toward home ownership
Save smart and tax-free for your first home in Canada
Your ally for buying your first home
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, making the FHSA an essential tool if you’re planning your financial independence or future in Canada.
FHSA (First Home Savings Account) – Quebec
YOUR 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 their first home in Canada
FHSA + HBP: a powerful combination
The HBP allows you to withdraw funds from your RRSP to buy a home without paying taxes, as long as you follow the program rules.
By combining FHSA + HBP, you can maximize your down payment and accelerate your access to homeownership, using tax-free resources for your purchase or construction.
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 or withdraw them according to program rules without losing your tax advantages.
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
With personalized guidance, you can choose the best savings strategy to achieve your homeownership goal in Canada.
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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