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First Home Savings Account 

What is an FHSA ?

The First Home Savings Account (FHSA) is a tax-exempt savings vehicle designed specifically for individuals looking to purchase their first home. This innovative registered plan permits first-time homebuyers to make annual contributions of up to $8,000, with a cumulative maximum of $40,000 over their lifetime.

Learn more with a financial advisor

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Who can apply for FHSA?

The FHSA launched on April 1, 2023. Where available, you can open an FHSA so long as:

  • you’re a Canadian resident,

  • you’re at least 18 years* of age or older,

  • you’re under the age of 71, and

  • in the current calendar year before you open the FHSA or in the previous four calendar years, you or your spouse or common-law partner haven’t lived in a home that either of you have owned.

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*If you live in a province where the age of majority is 19, then you must be 19 years of age or older to open an account. 

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