FHSA
FHSA
The First Home Savings Account (FHSA) is designed specifically for first-time home buyers, combining the best features of an RRSP and a TFSA — a tax deduction going in, and tax-free withdrawals coming out for your first home.
Why it matters
The FHSA helps you build a down payment faster — maximizing both tax savings and investment growth on the way to owning your first home.
Key benefits of an FHSA
Tax-deductible contributions
Reduce your taxable income with every eligible contribution, like an RRSP.
Tax-free growth
Your investment earnings grow tax-free inside the account.
Tax-free home-purchase withdrawals
Qualifying withdrawals put toward your first home are completely tax-free.
Annual contribution limit
Contribute up to $8,000 per year.
Lifetime contribution limit
Save up to $40,000 over the life of the account.
Built for first-time buyers
Available to eligible Canadian residents aged 18 to 71 who meet the first-time-home-buyer requirements.
Who it's for
First-time home buyers saving for a down payment.
Contribution limits and eligibility rules are set by the Canada Revenue Agency and can change year to year — we'll confirm the current figures with you.
Buying your first home? See our Mortgages too.Explore other coverage
Common questions
What makes your service different? +
One dedicated advisor handles your file end-to-end — comparing insurers, preparing the paperwork, explaining it in your language, and staying reachable on WhatsApp. No call-centre, no runaround.
How fast can I get a quote? +
Send us your details through the quote form or on WhatsApp and an advisor typically replies the same business day.
Which languages do you speak? +
We assist in English, Hindi and Punjabi.
Ready to protect the people you love?
Message us on WhatsApp or call — a real advisor answers, no obligation.