Learn more about the features and benefits of a First Home Savings Account:
- Compound growth and tax-sheltered savings. By contributing early, your investment will magnify returns over time through compounding. Invest money without being taxed on the income and growth.
- Participation period. An FHSA can only be open for 15 years and must be closed by the end of the year when the holder reaches age 71. Additionally, the FHSA must be closed within one year of making a qualifying withdrawal to purchase your first home.
- Transfers. An FHSA is transferable to another FHSA, RRSP or RRIF owned by the holder, a spouse/common-law partner named as the successor, or a former spouse/common-law partner.
- Is a resident of Canada at the time of purchase
- Is between the ages of 18 to 71
- Has a valid SIN
- Is a first-time home buyer
- Unused contributions can be carried forward to a maximum lifetime limit of $40,000.
- The annual limit is not income tested and is not based on the holder’s earned income.
- First-time home buyer
- Resident of Canada
- Withdrawal made within 30 days of moving
- Buy or build a home before October 1 of the following year
- Home is in Canada
- Entire excess amount is withdrawn
- The entire excess amount is eliminated when annual contribution limit is reset
Compare our Investment Options
- No minimum balance required.
- Free deposits.
- One free withdrawal per month. $5.00 per withdrawal after.
- Tiered interest rate calculated daily and paid monthly.
|Term Length||12 Months|
|Additional Deposits (through your Financial Advisor)*||
Redeemable in full after 90 days without penalty - No interest paid if redeemed within the first 90 days.
Withdrawals can be made at any time after 90 days.
Minimum withdrawal is $1,000. $1,000 minimum balance must be maintained.
Annually into Investment or Monthly at a reduced rate. Restrictions apply.
|Term Length||12 Months or 18 Months|
|Minimum Initial Deposit||$100.00|
|Minimum Deposit||$1,000 to be reached at end of 18-month term.|
|Additional Deposits (through your Financial Advisor)||Any time, any amount.|
Yes. A minimum of $50.00 pre-authorized deposit must be set up.
|Interest Paid||Annually into Investment or Monthly at a reduced rate. Restrictions apply.|
|Term Length||12, 24, 36, 48, 60 months|
Annually into Investment or Monthly at a reduced rate.
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The FHSA is a helpful tool for Canadians looking to buy their first home. With its contribution limits and tax advantages, it's a convenient way to save for your down payment. You can always stay up-to-date on your FHSA contribution room by checking "My Account" or "My CRA" on the CRA website or by calling the CRA's Tax Information Phone Service at 1.800.267.6999 (TIPS).