Immobilier & Épargne

FHSA: The Ultimate Account to Buy Your First Home

First Home Savings Account

The FHSA is a registered account designed specifically to help Canadians save for their first home. It offers a unique double tax advantage found nowhere else.

Contributions are tax-deductible (like an RRSP).
Withdrawals are tax-free if used to buy a qualifying home (like a TFSA).

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What is the FHSA for?

Build a down payment faster.
Reduce taxes during savings years.
Withdraw money tax-free and without penalty for the purchase.
Accelerate access to homeownership.

Concrete Example:

A buyer who contributes $8,000 per year for 5 years accumulates $40,000, while reducing their tax bill each year. This entire sum can then be used, tax-free, for the down payment.

Rules and Eligibility

Who is eligible?

Canadian tax resident.
Aged 18 or older.
Have not lived in a home you owned in the year the account is opened or the preceding 4 years.

Contribution Rights

Annual: $8,000.
Lifetime limit: $40,000.
Rights begin the year the account is opened.
Unused rights (max $8,000) can be carried forward to the next year.

Key Features and Comparison

Understanding the difference between FHSA, TFSA, and RRSP.

Features	FHSA	TFSA	RRSP
Main Goal	First Home	Flexible Savings	Retirement
Deductible Contributions	Yes	No	Yes
Tax-Free Withdrawals	Yes (purchase)	Yes	No
Tax-Sheltered Growth	Yes	Yes	Yes
Repayment Required	No	No	If HBP (yes)

Advanced Strategies

FHSA + HBP Combination

You can use both plans for the same home. Example: $40,000 from FHSA + $35,000 from HBP = $75,000 down payment available.

What if I don't buy?

The FHSA is never "lost". The balance can be transferred to an RRSP or RRIF without tax impact, avoiding immediate taxation.

Don't Wait!

Opening an FHSA now, even with a small amount, triggers your contribution rights. It's the first step toward homeownership.

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Frequently Asked Questions (FAQ)

Yes. All three accounts are complementary and independent.

No. Returns are entirely tax-sheltered as long as they remain in the account or are withdrawn for a qualifying home.

Yes, but the lifetime limit of $40,000 and annual limit of $8,000 apply to all your accounts combined.

It must be closed after 15 years, or by the end of the year you turn 71, or the year following your first qualifying withdrawal.

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