FHSA
First Home Savings Account
A registered account introduced in 2023. Contributions are tax-deductible (like an RRSP), withdrawals for a qualifying first home are tax-free (like a TFSA). $8,000/yr, $40,000 lifetime cap.
The FHSA is the best of both worlds: you deduct contributions from taxable income now (like an RRSP) and withdraw tax-free for a first home later (like a TFSA). Nothing is repaid, which is what makes it stronger than the RRSP Home Buyers' Plan for most first-time buyers.
Room is $8,000 per year up to a $40,000 lifetime cap, and unused room carries forward once the account is open — so opening one early, even with a small deposit, starts the clock. A couple buying together can stack two FHSAs for $80,000 of tax-advantaged down payment.
It also pairs with the RRSP HBP: many buyers max the FHSA first, then top up with the HBP, to assemble the largest possible tax-sheltered down payment.
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