Your home ownership dreams may be closer than you think

In early 2022, the federal government announced a new way to help make home ownership a reality for more Canadians. The new Tax-Free First Home Savings Account (FHSA) will arrive in 2023 to help first-time home buyers save for a down payment.

How it works

Eligible contributors will be able to put away up to $40,000 (maximum of $8,000 per year) tax free into their FHSA. All contributions into the FHSA are tax-deductible, just like a Registered Retirement Savings Plan (RRSP) and there’s no tax implications when you’re ready to withdrawal. You’re getting the best parts of an RRSP and a Tax-Free Savings Account (TFSA) while saving for your first home!

The catch? There’s just one! The money in your FHSA must be used within 15 years to buy your first home.

Who’s eligible?

So far, we know you’ll qualify if:

  • You’re a Canadian resident
  • You’re at least 18 years old
  • You don’t own a home in the year your FHSA is opened or the previous four calendar years

Want to know more?

Additional details are expected to be announced by the federal government soon, so be sure to check back to learn more or you can register to be notified when more information is available.

Register to be notified once more information becomes available

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Thanks for registering! We'll send you an email as soon as more information on the First Time Home Savings Account (FHSA) is available.

Frequently Asked Questions

  • Can I open more than one FHSA?

  • Can I transfer funds from my RRSP into my FHSA?

  • If I don’t make the maximum annual contribution of $8,000, does the leftover amount carry over into the next year?

  • My partner and I both have a FHSA. Can we combine them for the purchase of our home?

  • What if I need to withdraw the funds in my FHSA for a purpose other than purchasing my first home?

  • What happens if I don’t use the funds in my FHSA within 15 years?

  • How is a FHSA different than the Home Buyers’ Plan (HBP)?

  • How can I save in the meantime?