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First Home Savings Account

Home First Home Savings Account

Unlock the door to home ownership with a First Home Savings Account.

Made available by the Federal Government in 2023. A Tax-Free First Home Savings Account (FHSA) is a registered plan product meant to help first-time home buyers save for a home (up to certain limits). This product is now available as of April 1, 2023.

The FHSA is not meant to replace an RRSP or a TSFA. This should be seen as a complimentary product to help you save for your first home.
Who qualifies?

  •  You must be at least 18 years old (or age of majority).
  • You must be a resident of Canada.
  • Must not have lived in a home you have owned at any time during the year the FHSA is opened or during the four preceding calendar years.

Key Features:

  • Individuals can contribute to a maximum of $8,000 per year.
  • FHSA Contributions are tax-free up to $40,000.
  • Income earned is also tax-free.
  • Contributions to a FHSA reduce taxable income.
  • Possibility to participate in the HPB and FHSA to purchase a qualifying home.
  • A tax-free transfer of funds from RRSP to a FHSA is permitted, subject to limits.

Ready to get started? Contact us!