First Home Savings Account Tax-free high-interest savings for your first home.
Coming soon: a new registered plan designed for first-time homebuyers.Join our wait list
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.
Ready for your own FHSA? Join our wait list.
If you’d like to be informed as soon as our FHSA becomes available, sign up below.
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Common questions answered
When will the FHSA become available?
Can I open multiple FHSAs?
Can I transfer funds between an RRSP and an FHSA? What about transferring between FHSAs?
How does the FHSA differ from the Home Buyers’ Plan (HBP)?
Do I have to use the funds by a specific date?
What if I don’t end up purchasing a home?
Can I hold investments in an FHSA?
What are the spousal contribution rules?
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