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 they owned 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.

Want to learn more about the FHSA and see if it's the right fit for you? Get in touch with one of our financial experts today!