FHSA at a glance
The First Home Savings Account (FHSA) is a powerful financial tool designed to help you secure your future property. Here are the essential criteria and key points you need to know.
Strategy
Accumulate a substantial down payment more rapidly to acquire your future home with ease.
Tax advantage
Your contributions are tax-deductible, effectively reducing your annual taxable income.
Tax-free withdrawal
Funds withdrawn for the purchase of your first home are completely exempt from taxation.
For whom?
Reserved for first-time buyers who haven't owned a principal residence this year or in the previous four.
Why should you use an FHSA?
The FHSA is a robust vehicle that blends RRSP tax perks with TFSA flexibility, ensuring you reach your goal of homeownership in a significantly shorter timeframe than before.
01
Reduce your taxes while you invest
Every contribution to your FHSA is deductible from your taxable income, providing immediate tax relief similar to an RRSP for better financial growth.
Tax-exempt eligible withdrawals
When buying your home, you can withdraw your full contributions and all investment growth without paying any tax, mirroring the benefits of a TFSA structure.
02
03
Complements RRSP and TFSA tools
The FHSA works alongside existing strategies like the HBP, allowing you to maximize your total down payment in the most efficient way possible.
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