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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.
Who can apply for FHSA?
The FHSA launched on April 1, 2023. Where available, you can open an FHSA so long as:
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you’re a Canadian resident,
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you’re at least 18 years* of age or older,
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you’re under the age of 71, and
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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.