First Home Savings Account (FHSA)

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!

Key Points:

  • 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  • Funds can be withdrawn tax-free for qualifying first-home purchases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.

Other Considerations:

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.

Join thousands of first-time homebuyers who've trusted us with their mortgage financing since 1998!

With over $1 billion funded and offices in Victoria, Vancouver, Calgary, and Toronto, we're ready to help you secure your dream home. Click the "Contact Us" button below to get started on your journey to homeownership today!

Grow Your Knowledge

Become a smart and savvy borrower by visiting our Info Hub.