FHSA — First Home Savings Account
Save for your first home — the smart, tax-free way.
The First Home Savings Account combines the best of both worlds: your contributions are tax-deductible like an RRSP, and qualifying withdrawals to buy your first home are completely tax-free like a TFSA. It's the most efficient account Canada offers first-time buyers.
I'll help you open an FHSA, choose investments suited to your buying timeline, and coordinate it with your RRSP Home Buyers' Plan so your down payment grows as fast as possible.
What this coverage gives you
Tax deduction going in
Contributions lower your taxable income, just like an RRSP.
Tax-free coming out
Withdrawals to buy a qualifying first home are entirely tax-free.
Stacks with the Home Buyers' Plan
Use your FHSA and RRSP together for a larger down payment.
Carry-forward room
Unused contribution room can be carried forward so you don't lose it.
Who it's for
- First-time home buyers
- Young professionals saving a down payment
- Newcomers planning to buy in Canada
- Couples saving together
- Anyone who hasn't owned a home recently
Frequently asked
Who qualifies as a first-time buyer?+
Generally, you qualify if you haven't owned a home you lived in during the current year or the previous four calendar years. I'll confirm your eligibility before you open the account.
How much can I contribute?+
There are annual and lifetime limits, with some room carry-forward. I'll walk you through the current limits and a contribution plan aligned to when you want to buy.
Can I use the FHSA and RRSP Home Buyers' Plan together?+
Yes — combining both can meaningfully increase your down payment. Coordinating them properly is exactly the kind of planning I help clients with.
Protect your future with a free consultation
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