FHSA – What You Need to Know

A tax advantaged registered account designed to help Canadians purchase their first home. Receive a tax deduction for contributions and if invested, assets can grow over time. Upon purchasing a qualifying home, funds can be withdrawn from the FHSA, tax free.

Qualifiers

  • Canadian resident
  • Age 18 or older
  • Valid Social Insurance Number
  • Considered a first time home buyer

Account Details

  • Once opened, annual contribution limit of $8,000
  • Maximum lifetime contribution limit of $40,000
  • Carry forward unused portions of your contribution up to $8,000

Not buying a qualifying home - What are my options?

  • Transfer assets from your FHSA into a RRSP or RRIF, tax deferred

       or

  • Withdraw assets from the FHSA. If a qualifying home is not purchased, the assets are taxed as income