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    First Home Savings Account (FHSA)

    Save for your first home with tax benefits and tax-free growth.
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    What is an FHSA?

    The First Home Savings Account (FHSA) is a government registered plan that was introduced in 2023. You can save up to $40,000 (tax free) for your first down payment on a home. Additionally, account holders can withdraw funds for purchasing or building their first home tax-free. To qualify you must be at least 18 years of age or older, a Canadian Resident and must not have owned a property solely or jointly with a spouse or common-law partner within last four years. 

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    $8,000 Annual Contribution Room

    Contribute up to $8,000 to your FHSA every year up to a lifetime contribution limit of $40,000. Once your FHSA is opened, you can carry forward up to $8,000 per year in unused contributions, subject to the lifetime limit of $40,000.

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    Contributions are tax-deductible and like a TFSA, qualifying withdrawals from your FHSA to purchase your first home are non-taxable. Qualified withdrawals don’t need to be repaid (unlike the Home Buyer’s Plan in an RRSP).



    How does an FHSA work?

    If you’re a resident of Canada, at least 18 years of age, have a valid social insurance number (SIN) and haven’t owned a home in the last four years, you can contribute up to $8,000 each year and use it to purchase your first home and lower your taxable income.

    Grow your investments

    Invest your hard-earned money with Community Savings’ Investment Specialist Phi Hoang, grow it tax-free, and withdraw it when you are ready to purchase your first home. You can personalize and customize your FHSA with many kinds of investments. Mutual Funds, term deposits and more can all be used to grow your savings in an FHSA.

    Pay less income tax

    Your FHSA contributions are tax deductible. This means that the more you put into the account the more you can lower your taxable income and generate potential tax refunds.

    Flexibility to fit your goals

    If you’re not looking to buy for a while. You can grow your savings in an FHSA tax-free for up to 15 years. if you don’t end up buying a home, you can transfer your FHSA savings to an RRSP or RRIF without paying taxes on the transfer


    What’s possible if you contribute $8,000 annually to a FHSA for 5 years

    $40,000 Saved with maximum contributions

    $6,415 Total tax-free interest earned in 5 years based on maximum contributions and 5% growth

    $10,750 Total income tax savings based on a $60,000 income

    $57,165 Total value of your savings in 5 years including the reduced tax savings


    Get in touch with Phi Hoang today to discuss how FHSAs can help with your home ownership goals

    Phi Hoang

    CFP®, CIM®, RIS, BA

    Mutual Fund* Investment Specialist - Aviso Wealth
    Manager, Financial Planning - Community Savings Credit Union

    Certified Financial Planner® Professional


    Is home ownership in your future?

    Check out our tools and helpful guides for first-time home buyers

    Find out how much of a home you can afford

    FAQs on insured mortgages for first-time buyers
    Down payments, pre-approvals, buyer incentives, 


    Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, cash balances, mutual funds and other securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated.