The First Home Savings Account (FHSA) is a registered account to help first-time home buyers in Canada save for a home.
How it works
- What you put in can lower the income tax you pay, like an RRSP.
- Growth inside the account is tax-free.
- Withdrawals to buy a qualifying first home are tax-free, like a TFSA.
Who can open one
You must be a Canadian resident, meet the age rules and be a first-time home buyer as defined by the CRA. There are yearly and lifetime limits.
The rules and limits are set by the Canada Revenue Agency. Check the CRA page below before you open an account or contribute.
Learn more from the Government of Canada
This guide is general education, not personal advice. Rules can change, so check the official sources above.