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.A Hundred Today. A House Tomorrow.
Free Cash? Yep. And we’re using it to help you kickstart the purchase of your first home. The promotion is simple — open your FHSA (First Home Savings Account) with StellerVista between April 15 and July 31. You can earn a bonus of up to $100 based on your opening deposit — and even if you skip the deposit, you’ll still receive a cash bonus from us just for getting started.
Here’s how the bonus works:
- $50* when you open an FHSA — no deposit needed
- $75* when you deposit $100–$600
- $100* when you deposit $601 or more
This is a limited-time offer and could change at any time. So don’t wait — get started today and enjoy all the gratitude your future self will be sending your way.
*Full terms and conditions here >
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.
Learn even more about the First Home Savings Account with our downloadable info guide >
