FHSA — First Home Savings Account

Get a Free Consultation

No obligation. No pressure. Just honest, personalized advice.

(437) 430-8854 Book Online

FHSA — First Home Savings Account

The First Home Savings Account (FHSA), launched in 2023, is one of the most powerful financial tools for Canadians planning to buy their first home. It gives you the tax deduction of an RRSP on contributions AND the tax-free withdrawal benefit of a TFSA — all in one account designed specifically for first-time buyers.

You can contribute up to $8,000 per year ($40,000 lifetime) and deduct those contributions from your taxable income. When you're ready to buy your first home, withdrawals are 100% tax-free. Unused FHSA contributions can be transferred to your RRSP without affecting your RRSP room, providing maximum flexibility.

Key Benefits

• Tax-deductible contributions (like RRSP) — up to \$8,000/year
• Tax-free withdrawals for first home purchase (like TFSA)
• Lifetime contribution room of \$40,000
• Unused room carries forward one year
• Can be combined with RRSP Home Buyers' Plan for maximum savings

How It Works