First Home Savings Account Tax-free high-interest savings for your first home.

Coming soon: a new registered plan designed for first-time homebuyers.

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What is a First Home Savings Account?

The First Home Savings Account (FHSA) is a registered plan that lets first-time homebuyers save up to a lifetime maximum of $40,000—tax-free—to put toward the purchase of their first home.

What are the benefits of an FHSA?

The FHSA combines the advantages of both the TFSA and RRSP:

  • Contributions reduce your taxable income (like an RRSP)
  • Interest earned is tax-free (like a TFSA)
  • Qualifying withdrawals are tax-free1 and don’t need to be repaid (like a TFSA)

Who’s eligible for an FHSA?

You can open an FHSA if you:

  • Are a Canadian resident
  • Are aged 18 - 71
  • Are a first-time homebuyer2

What are the contribution guidelines?

You can contribute up to $8,000 annually—with a lifetime contribution limit of $40,000. Any unused contribution room can carry forward to the following year up to a maximum of $8,000.

For example, if you contribute $5,000 to your FHSA in 2023, you’ll be allowed to contribute $11,000 in 2024.

Any contributions over the $8,000 annual limit (except for any unused portions from the previous year) will be penalized 1% on the highest excess amount in the month, for each month that the excess remains in your account.

circle graph of annual contribution limit of $8,000 and lifetime contribution limit of $40,000

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If you’d like to be informed as soon as our FHSA becomes available, sign up below.

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How does an FHSA compare to a TFSA or RRSP?

An FHSA gives you the best of both tax-advantaged worlds—here’s how:

Contributions are tax-deductible  Bullet-Checkmark-DarkPink
Withdrawals are tax-free1 Bullet-Checkmark-DarkPink
Withdrawals don’t need to be paid back Bullet-Checkmark-DarkPink  3

Common questions answered

Why wait to earn more? Get high interest and better everyday banking in minutes.

While we work to make the FHSA available, start earning high interest on every dollar today!

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