First Home Savings Account (FHSA)
About This Program
The First Home Savings Account is a registered plan that allows prospective first-time home buyers to save for their first home tax-free. Contributions are tax-deductible (like an RRSP) and withdrawals to purchase a qualifying first home are non-taxable (like a TFSA). You can contribute up to $8,000 per year with a lifetime contribution limit of $40,000. Unused contribution room can be carried forward to the next year, up to a maximum of $8,000. The account must be closed within 15 years of opening or by December 31 of the year you turn 71.
Am I Eligible?
To qualify for this program, you generally need to meet all of the following requirements:
- You must be 18 years of age or older
- You must be 71 years of age or younger
- Your citizenship status must be one of: Canadian citizen, permanent resident
- You must be a first-time homebuyer
How Much Could You Receive?
Contributions reduce your taxable income. Unused contribution room (up to $8,000) can be carried forward to the following year.
Withdrawals used to buy a qualifying first home are not included in your income. Non-qualifying withdrawals are taxable.
Account must be closed by December 31 of the 15th anniversary of opening or the year you turn 71, whichever comes first. Unused funds can be transferred to an RRSP/RRIF.
How to Apply
Applications for this program are handled directly by the Government of Canada. Visit the official program page for application forms, required documents, and processing times.
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