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Registered Accounts in Canada

First Home Buyer Savings Account (FHSA)

The new FHSA is a tax-free tool offered to Canadians to help them save for their first home. Learn about the FHSA so you can set your kids up for success by integrating the most suitable investment options into your family’s wealth strategies.
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What is an FHSA?

Initially announced in the Liberal government's 2022 federal budget proposal, the First Home Savings Account (FHSA) is a registered savings account introduced to help Canadians save for their first home. Combining the tax advantages of both an RRSP and a TFSA, the FHSA allows for tax-deductible contributions while also enabling tax-free withdrawals for the purchase of a first home. This option could be exactly what you’re looking for—a powerful tool to help your children or grandchildren own a home faster.

Great for:

01
People looking for a simple way to grow their savings tax-free
02
Young professionals getting ready to buy their first home
03
Families and individuals planning for the future with smart, tax-friendly savings strategies

Timeline:

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Are You Eligible?

Before you open an FHSA, you must make sure you’re eligible. You must meet the following requirements: 
Important note on being considered a first-time home buyer: For this account, you’re classified as a first-time homebuyer if neither you nor your spouse have owned and lived in a home purchased in the year you opened the account or in the previous four calendar years. This means that even if you've owned a home in the past, you could still qualify as a first-time homebuyer if you've been renting, living with your parents, or living with someone other than your spouse during that time.
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1
You must be a Canadian resident
2
You must be at least 18 years of age (alternatively, the age of majority in your province or territory)
3
You must be under 71 years of age
4
You must be a first-time home buyer, meaning neither you nor your spouse can have owned and lived in a home at any point in the year you open the account or in the four years before that

Get to Know FHSAs:
The Numbers

$8,000
Before you open an FHSA, you must make sure you’re eligible. You must meet the following requirements: 
$40,000
The lifetime contribution limit.
1 Year
The period for carrying over unused contribution room, which resets every year on December 31.
15 Years
The total time you have to use your FHSA begins the day you open the account, and you can either use it within that time frame or transfer the funds to another eligible account.

FHSA Calculator

Your total FHSA contributions: $0

Your total FHSA return: $0

The "FHSA growth calculator" is for informational purposes only and does not guarantee specific investment returns or outcomes. Projections are based on selected interest rates which may not align with real-world rates. They are not a promise of actual performance. Please consult with an experienced advisor for personalized advice suited for your unique financial situation.

Reasons to Invest in an FHSA

Pay less taxes:
By contributing money to your FHSA up to the annual limit, you can reduce your taxable income and ultimately pay less at tax time.

FHSA vs. RRSP vs. TFSA

Find out how the FHSA compares to other popular savings tools in Canada. Use the table below to see which one is right for your family’s financial goals.
FHSA RRSP TFSA
Contribution Limit $8,000/year, $40,000 lifetime 18% of earned income $6,500/year
Saving Goals First Home Retirement Versatile
Tax-free Contributions Yes Yes No
Tax-free Withdrawals? Yes, but for first-home purchases only No, taxed upon withdrawal Yes, no tax on withdrawals

Want to Know More?
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More Investing Resources

To dive deeper into the First Home Savings Account, you can check out the CRA’s website or read through the FHSA brochure. For more insights, be sure to explore other helpful articles from Insightful Wealth on planning for your financial future!

Help Your Children Save for Their First Home

As experts at multi-generational wealth planning, the Insightful Wealth team understands how important it is to stay up-to-date on all of the different tools available to grow your family’s wealth and support your children or grandchildren as they go through different life stages. 
Talk to us about whether a FHSA is the right tool for your circumstances. We’re here to help you come up with tailored strategies that help you meet your unique financial goals.
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