First Home Savings Account (FHSA)
Save for a first home with tax-deductible contributions and tax-free qualifying withdrawals.
The FHSA is designed to help first-time buyers save with tax advantages. Interactions with the Home Buyers'' Plan (RRSP), contribution limits, and what counts as a qualifying home purchase are strictly defined by CRA.
Read the CRA FHSA hub before opening an account or withdrawing for a purchase.
- Open an FHSA with an eligible issuerOften required
Confirm the institution offers FHSAs and acceptable investments.
- First-time home buyer attestationOften required
You must meet CRA definition for opening and qualifying withdrawals.
- Annual and lifetime contribution limits apply; unused annual room may carry forward.
- Contributions may be deductible (similar idea to RRSP) within rules.
- Qualifying withdrawal for a home purchase is tax-free if conditions are met; otherwise transfers to RRSP/RRIF or taxable withdrawals follow CRA rules.
- Must be a first-time home buyer as defined by CRA and Canadian resident (age 18+ with SIN).
- Cannot contribute after a qualifying withdrawal or 15 years from opening—whichever comes first (verify current rules).
- Compare FHSA with HBP from RRSP for your timeline—often not both for the same purchase.
Disclaimer
This guide is for general information only. Tax and benefit rules change. Always confirm current requirements with the Canada Revenue Agency, Service Canada, or a qualified financial or tax professional before making decisions.