First Home Savings Account (FHSA)
Unlock the Door to Your First Home with a First Home Savings Account
Although the program officially launched on April 1st, the Big 6 banks will make it available later this year. Save up to $40,000 tax-free for your down payment and invest in various vehicles to grow your savings.
Get ready to make your homeownership dream come true!
- First-time homebuyers can save up to $40,000 tax-free for their down payment
- Investments within the account can include mutual funds, publicly traded securities, government and corporate bonds, and guaranteed investment certificates (GICs)
- Funds can be withdrawn tax-free for qualifying first-home purchases
Eligibility & Contribution Limits:
- Any Canadian resident aged 18 or older who hasn’t owned a home or lived in a home owned by their spouse or common-law partner in the past 4 calendar years
- Contribute up to $8,000 per calendar year with a lifetime limit of $40,000
- Carry forward up to $8,000 in unused contributions for future years
Qualifying First Home Purchases:
- Be a first-time homebuyer and a Canadian resident during the withdrawal and purchase
- Have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the withdrawal
- Intend to occupy the home as your principal residence within one year of purchase or construction
Here is the Canada Revenue Agency page with more information.
If you don’t use the funds for a first-home purchase, you can transfer the balance to a Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) or withdraw it on a taxable basis by the end of the 15th year after opening the account or by the end of the year you turn 71.
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