The First Home Savings Account (FHSA) is a new type of registered account announced by the federal government in 2022.

An FHSA is designed to help you save for your first home, tax-free.

Like a registered retirement savings plan (RRSP), contributions to an FHSA will be tax deductible.

Like a tax-free savings account (TFSA), any investment income in your FHSA is non-taxable while it’s in your account.

Pay no taxes on your withdrawals when you use your FHSA towards the purchase of a qualifying home.

$8,000 annual contribution limit

$40,000 lifetime contribution limit

You need to be a Canadian resident and you’ve reached the age of majority in your province or territory

An eligible first-time homebuyer who hasn’t lived in a qualifying home in the current or past 4 calendar years

A Canadian resident and a first-time homebuyer at the time of the withdrawal

You have an agreement to buy or build a qualifying home

You intend to occupy the home as your principal residence within 1 year of acquiring the home