Contribute up to $8,000/year, $40,000 lifetime, tax-free toward your first home — one of the strongest tools available to first-time buyers.
Confirm you're eligible
You must be a Canadian resident, at least 18, and not have owned a home you lived in during the current year or the preceding four calendar years.
Open the account as early as possible
Contribution room only starts accumulating once the account is actually open, even if you fund it with a small deposit — opening it early maximizes what you can shelter before you buy.
Contribute up to the annual and lifetime limits
$8,000 per year, $40,000 lifetime maximum. Unused annual room carries forward one year, so a $0 first year still lets you contribute up to $16,000 the second.
Withdraw tax-free for a qualifying home, or transfer it if you don't buy
A qualifying withdrawal is completely tax-free and never needs to be repaid. If you don't end up buying, the funds can move tax-free into your RRSP or RRIF.
$8,000 per year, $40,000 lifetime maximum, with one year of unused room allowed to carry forward.
Contributions reduce your taxable income for the year, just like an RRSP contribution.
A qualifying withdrawal toward your first home is entirely tax-free — unlike the Home Buyers' Plan, nothing needs to be repaid.
The account must be closed within 15 years of opening, or by the end of the year you turn 71, whichever comes first.
Each eligible spouse or partner can open their own FHSA, doubling the combined room available for one purchase.
Book a free consultation with Narges to talk through your savings plan, or see the full lineup of first-time buyer programs.
