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Save tax-free for your first home.

One key to unlocking your dreams of home ownership is the tax-free First Home Savings Account (FHSA).

What is an FHSA?

An FHSA is a registered savings account designed for prospective first-time homebuyers.

This unique account combines the benefits and best features of an RRSP and TFSA. Not only does it allow you to make tax-deductible contributions, qualifying withdrawals, including investment income, are non-taxable when used to purchase your first home.

Your FHSA can hold a variety of qualified investments*, such as cash savings, GICs, mutual funds, stocks, bonds and ETFs. In partnership with Aviso Wealth, we can customize your portfolio to match your risk tolerance and savings goals.

Key benefits of an FHSA

  • Tax-deductible contributions – Reduce your taxable income while saving for your first home.
  • Tax-free growth – Any investment earnings in your FHSA grow tax-free.
  • Tax-free withdrawals – Use your FHSA savings tax-free on qualifying first home purchases.
  • Flexible contribution limits – Contribute up to $8,000 per year, to a lifetime maximum of $40,000.
  • Transfer Unused Funds to an RRSP or RRIF – Continue to enjoy tax-sheltered growth if you don’t use your FHSA savings for a home purchase.
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Featured FHSA Rates

*Rates subject to change

1.00%

Variable Savings

2.00%

1-Year GIC

3.00%

5-Year GIC

Eligibility

  • Canadian residents between the ages of 18 and 71 with a valid Social Insurance Number (SIN).
  • Individuals who qualify as a first-time home buyer.
  • Participation period begins when you open your first FHSA and ends on the earliest of:  
    • December 31 of the 15th year after which you opened your FHSA;
    • December 31 of the year you turn 71 or;
    • December 31 of the year following your first qualifying withdrawal.

FHSA vs. RRSP Home Buyers' Plan (HBP)

Feature

FHSA

HBP
Tax deductible contributions
Tax-free withdrawals
Maximum contribution $40,000 Based on previous years income
Investment options GICs, mutual funds, ETFs, stocks, ect GICs, mutual funds, ETFs, stocks, ect

RRSP HBP you must repay your RRSP HBP within 15 years. 

Did you know?

You can combine an FHSA with the RRSP Home Buyers’ Plan to maximize your down payment savings.

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Ready to get started?

Our knowledgeable advisors are here to help you take the next step—whether you're opening a new account, planning for the future, or simply exploring your options. Let’s talk about what’s right for you.

Book your appointment
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*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated.

Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.