First Home Savings Account (FHSA)

Buying your first home is a huge financial achievement. An FHSA is the first step to getting there — and we’ll help you along the way.

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A smart way to save for your down payment

Reduce your yearly tax bill

Like an RRSP, an FHSA reduces your taxable income — meaning a nice discount at tax time.

Keep your gains tax-free

Like a TFSA, the growth in your investments (including dividends) can be withdrawn tax-free when used towards your first home, without any payback requirements.

Transfer without penalties

If you don’t end up buying a home, you can transfer the money to your RRSP without affecting your RRSP contribution room.

Get to know the FHSA

Who qualifies for an FHSA?

You’re considered a first-time home buyer if you’re a Canadian resident aged 18-71 who didn’t live in a home that you or your spouse owned in the last four years.

You are not considered a home buyer if you intend to purchase an investment property.

$8,000

Yearly contribution limit, and unused portions can carry forward to the following year. There’s a 1% penalty for every month you over-contribute until you correct the issue.

$40,000

Total contribution space over 15 years.

1 year

The carry-over period for unused contribution room, which resets every year on December 31st. Heads up: you can’t have more than $16,000 of contribution room at any point in time.

15 years

The total time you have to use your FHSA starting from the day you opened the account.

Who qualifies for an FHSA?

You’re considered a first-time home buyer if you’re a Canadian resident aged 18-71 who didn’t live in a home that you or your spouse owned in the last four years.

You are not considered a home buyer if you intend to purchase an investment property.

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How you invest is up to you

Have your portfolio managed by our advisors

With Managed investing, we do the heavy lifting. Tell us your goals and timeline for your FHSA, and we’ll build you a custom portfolio with a wide range of assets across the market.

Independently trade stocks and ETFs

A Self-directed investing account gives you total control over where your money is invested. Buy and sell over 9,000 stocks and ETFs commission-free, automate your investments, and start trading right away with up to $50,000 in instant deposits.

What’s the difference between an FHSA and an RRSP?

When it comes to buying your first home, there are multiple ways to save up. Think of your FHSA as a complement to other savings accounts — not a replacement.
Attribute
FHSA
RRSP
(Home Buyer’s Plan)
Helps you save forYour first homeRetirement
EligibilityFirst time home buyers18-71 years old
Annual contribution limit$8,000 (up to a max of $40,000)18% of previous years income up to $31,560
Tax impact on contributionsDeducted from taxable incomeDeducted from taxable income
Tax impact on withdrawalsGrowth and withdrawals towards your first home are tax-freeTaxed as income (with some exceptions)
Contribution deadlineDecember 31st60 days after December 31st
Government benefitsNo impact on other benefitsWithdrawals may impact other government benefits based on income
Withdrawal stipulationsNoneMust withdraw to RRIF at 71

We’re a great home for your FHSA

Start investing in minutes

Open your account without any bank appointments or paperwork. Making your contributions (or withdrawing when the time comes) only takes a few taps.

Speak to a human any time

Questions about your FHSA? Reach out to our team 7 days a week by phone, chat, or email to get help from real, friendly, humans.

Keep more of your returns

Whether you’re picking your own stocks or letting us manage the investing, you won’t need to worry about high fees eating into your returns.

Transferring your money is easy

If you already have an RRSP or TFSA with us, you can move those funds into a new FHSA in a few taps.

Coming from another institution? We’ll make sure everything is transferred without any extra penalties, and reimburse the first transfer fees charged by your brokerage when you transfer more than $5,000.

Contact our team

There’s no place like your first home

Open an FHSA without any paperwork or visits to a bank, and start saving up for your first home today.