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.