First Home Savings Account (FHSA)

With 1.50% interest,^* your first home is just around the corner.

Limited-time offer

Get up to $200 cash** when you add new deposits to your FHSA Savings Account.

The EQ Bank FHSA is not currently available in Quebec.

man and woman sitting on the floor, enjoying a meal together as they move into their first home

What is an FHSA?

An FHSA is a tax-advantaged registered plan designed to help you save for your first home. Your contributions reduce your taxable income, and you can withdraw the money—tax-free—for any qualifying home purchase.

Two ways for your investment to grow

Earn 1.50%^* towards your first home

Grow your savings into a down payment for your first home with this high-interest option.

Open an FHSA

FHSA GICs

Take your savings further. Explore the full range of rates and term options for GICs.

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FHSA by the numbers

$8,000

Annual FHSA contribution limit

How much you’ll pay in taxes on FHSA earnings

$40,000

Total lifetime contribution limit

How the FHSA Account works

FHSA contributions reduce your taxable income for that year. You can hold an FHSA for a maximum of 15 years, over which time you can contribute a maximum of $40,000. Any unused room can be carried forward to the following year, up to a maximum of $8,000.

For example, if you contribute $5,000 before the deadline of December 31, 2024, you’ll be allowed to contribute $11,000 in 2025.

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.

Is our FHSA right for you?

It’s right for you if:

You’ve reached the age of majority in the province you reside.
You’re a first-time home buyer.¹
You want your savings to grow over time, with the ability to withdraw all of the funds tax-free to buy your first home.
You’re looking for an account that’s eligible for CDIC protection.
You're looking for a completely digital banking experience.

It’s not right for you if:

You’re not a first-time home buyer.¹
You’re turning 71 this year, as you can only hold and contribute to an FHSA until the year in which you turn 71.
You’re a Quebec resident.

Saving for your first home—FHSA, RRSP, or TFSA?

Account Details	FHSA	RRSP	TFSA
How does it help in purchasing a first home?	Use eligible contributions to purchase a qualifying home.	Withdraw up to $60,000 for a qualifying home purchase under the Home Buyers’ Plan.³ Borrowed funds must be repaid within 15 years.	Invest contributions for a home purchase or any other purpose. Withdrawals create new contribution room for future use.
Contribution limits	$8,000 annual, $40,000 lifetime.	18% of previous year's income or $32,490 (2025), whichever is lower. No lifetime limit.	$7,000 annual. No lifetime limit.
Eligibility	Canadian residents aged 18-71, first-time home buyers.²	Canadian residents under 71 with earned income.	Canadian residents aged 18+.
Tax benefit	Contributions are tax-deductible.	Contributions are tax-deductible.	Contributions are not tax-deductible, but withdrawals are tax-free.
Withdrawals	Tax-free if used for a qualifying home purchase. Non-qualifying withdrawals are taxable.	Up to $60,000 can be withdrawn for a home.³ Must be repaid within 15 years.	Funds can be used for anything, including buying a home. Withdrawal creates new contribution room.
	Open an FHSA	Explore RRSP	Explore TFSA

FHSA	Account Details
How does it help in purchasing a first home?	Use eligible contributions to purchase a qualifying home.
Contribution limits	$8,000 annual, $40,000 lifetime.
Eligibility	Canadian residents aged 18-71, first-time home buyers².
Tax benefit	Contributions are tax-deductible.
If you're saving for...	Tax-free if used for a qualifying home purchase. Non-qualifying withdrawals are taxable.
Open an FHSA

RRSP	Account Details
How does it help in purchasing a first home?	Withdraw up to $60,000 for a qualifying home purchase under the Home Buyers’ Plan³. Borrowed funds must be repaid within 15 years.
Contribution limits	18% of previous year's income or $32,490 (2025), whichever is lower. No lifetime limit.
Eligibility	Canadian residents under 71 with earned income.
Tax benefit	Contributions are tax-deductible.
Withdrawals	Up to $60,000 can be withdrawn for a home³. Must be repaid within 15 years.
Explore RRSP

TFSA	Account Details
How does it help in purchasing a first home?	Invest contributions for a home purchase or any other purpose. Withdrawals create new contribution room for future use.
Contribution limits	$7,000 annual. No lifetime limit.
Eligibility	Canadian residents aged 18+.
Tax benefit	Contributions are not tax-deductible, but withdrawals are tax-free.
Withdrawals	Funds can be used for anything, including buying a home. Withdrawal creates new contribution room.
Explore TFSA

Common questions answered

Can I open multiple FHSAs?

Can I transfer funds between an RRSP and an FHSA? What about transferring between FHSAs?

You can transfer funds in either direction between your RRSP and your FHSA without any tax consequences, as long as they are transferred directly between the financial institutions of the plans involved, and as long as the funds you add to your FHSA don’t exceed your unused FHSA contribution room. Withdrawals from an RRSP are subject to taxes.

You can also transfer funds between FHSAs without tax consequences, but it also must be a direct transfer.

How does the FHSA differ from the Home Buyers’ Plan (HBP)?

What if I don’t end up purchasing a home?

What are the spousal contribution rules?

Is the FHSA available in Quebec?

Visit our FAQ for more details about FHSAs.

Footnotes

Footnote *: Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

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Footnote **: The Promotion is open to Eligible Customers who deposit New Deposits into their Registered Cash Savings Account(s) from November 27, 2025, at 12:01 a.m. ET to March 2, 2026, at 11:59 p.m. ET, and hold such New Deposits in their Registered Cash Savings Account(s) for six months, beginning March 2, 2026. Eligible Customers will receive a Bonus Payment based on the amount of qualifying New Deposits made during the Promotional Period as follows: (a) $100 for New Deposits of $4,000.00 to $6,999.99; (b) $150 for New Deposits of $7,000.00 to $9,999.99; and (c) $200 for New Deposits of $10,000.00 or more. Limit of one Bonus Payment per Eligible Customer. New Deposits held in Registered GICs are not eligible for the Bonus. New Deposits must be new funds transferred from outside of EQ Bank during the Promotional Period. EQ Bank does not offer the RRSP or FHSA in the province of Quebec. Conditions apply. Please review the EQ Bank Registered Season Bonus Promotion Terms & Conditions (the “Terms”) for full details. Promotion may be changed, cancelled or extended at any time. Capitalized terms used but not defined here have the meanings set out in the Terms.

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Footnote 1: To make a “qualifying withdrawal”, you must be a first-time homebuyer who is a resident of Canada, have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the year of withdrawal, and intend to occupy the qualifying home as your principal place of residence within one year of buying or building it. You must not have acquired the qualifying home more than 30 days before making the withdrawal.

You will be considered to be a "first-time home buyer” for the purposes of a qualifying withdrawal if, at any time in the calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned.

A "qualifying home" is defined as a housing unit located in Canada. This includes existing homes and those being constructed, such as single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings, but does not include a share that only provides you with a right to tenancy in the housing unit.

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Footnote 2: You will be considered to be a first-time home buyer for the purposes of opening an FHSA if, at any time in the calendar year before the account is opened or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that either (i) you owned or jointly owned; or (ii) your spouse or common-law partner (at the time the account is opened) owned or jointly owned.

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Footnote 3: The Home Buyers’ Plan is subject to certain conditions. For more information, please refer to the Canada Revenue Agency.

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Footnote: EQ Bank does not offer the following products in the province of Quebec: US Dollar Account, International Money Transfers, RRSP, RRSP GICs, FHSA, FHSA GICs, Business Account, and Business GICs. Additionally, the EQ to EQ transfers feature is not available in Quebec.

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With 1.50% interest,^* your first home is just around the corner.

What is an FHSA?