First Home Savings Account
Empowering families to create a brighter and more sustainable future together.
Introducing our new favourite four letter word: FHSA
Buying a first home is a major milestone, yet many Canadians find it increasingly challenging due to rising real estate prices.
The Tax-Free First Home Savings Account (FHSA) is designed to alleviate these challenges. This innovative account combines the benefits of RRSP’s tax deductibility and the TFSA’s tax-free withdrawal features.
Specifically crafted to assist first-time homebuyers, the FHSA provides substantial tax advantages to make saving for that all-important first home purchase more attainable.
This account is a critical tool in your financial arsenal, offering both immediate and long-term tax benefits, thereby enhancing your ability to accumulate the needed funds for a down payment.
Key Benefits of FHSA
- Save up to $40,000 towards your first home purchase.
- Enjoy tax deductions on contributions and tax-free withdrawals.
- Combine accounts with your partner to boost your buying power.
The 411 on the FHSA
Maximize Contributions
You can save up to $8,000 annually, with contributions reducing your taxable income—just like an RRSP. Your total contribution cap is $40,000, covering a significant portion of a high-ratio mortgage down payment.
Tax-Free Growth and Withdrawals
Like a TFSA, the growth on your investments in the FHSA isn’t taxed, and you can withdraw funds tax-free when it's time to buy your first home.
Invest and Grow
FHSA's can be invested a number of ways to grow while you save. GIC's, interest, bonds, stocks and much more.
Flexible and Forward-Thinking
Unused contribution room rolls over, so you can save more as your income grows, with up to 15 years of tax-free saving potential.
Double the Power
If you have a partner, you can both open FHSAs, doubling your collective purchasing power for that dream home.
Eligibility
Open to Canadian residents over 18 who haven’t owned a home during the year of opening the account or in any of the previous four years.
Investing Calculators
Our handy calculators will help you plan how much to set aside for your goals and how long it will take to reach them.
Investing Rates
Take a look at our current, competitive interest rates for our investment solutions.