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Unlock Your Dream Home with First Home Savings Account (FHSA)


Are you a first-time homebuyer dreaming of your own space? The First Home Savings Account (FHSA) is the key to turning that dream into reality. This tax-free savings plan is here to make the journey to your dream home a little smoother.

Who can apply:

  • You are 18 years of age or older, and 71 years or younger as of December 31 of the year you open your FHSA
  • Call Canada home – you need to be a resident.
  • If you’re a first-time homebuyer, you’re in luck! That means you haven’t owned or jointly owned a qualifying home as your main digs in the current year or the past four calendar years.

You meet both of the following first-time home buyer conditions:

  • 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 in this calendar year or in the previous 4 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 your spouse or common-law partner owned or jointly owned in this calendar year or in the previous 4 calendar years OR You do not have a spouse or common-law partner at the time you open the account.

Here’s why you should consider this tax-free savings plan:

Tax-Free Savings for Your First Home:

  • FHSA allows first-time homebuyers to save for a qualifying first home tax-free, up to specified limits.
  • If you opened an FHSA in 2023, you can claim up to $8,000 in FHSA contributions as a deduction on your 2023 income tax and benefit return.

Convenient Options for Opening FHSA:

  • Open one or more FHSA through an FHSA issuer, including banks, credit unions, or trust and insurance companies.
  • Your chosen issuer will guide you on FHSA types and qualified investments they offer.

Easy FHSA Registration:

To open an FHSA, follow these simple steps:

  • Contact your chosen issuer.
  • Provide necessary information for FHSA registration, including your social insurance number, date of birth, and any required supporting documents to certify your eligibility.

Be Informed: Investments in Your FHSAs:

  • Your issuer will advise on the types of investments permitted in your FHSAs.
  • Explore “Investments in your FHSAs” with your provider for more detailed information on eligible investment options.

Designate a Beneficiary for Your FHSA:

  • Consider designating a beneficiary when opening your FHSA for added peace of mind.
  • Explore “Types of beneficiaries” with your provider for more information on this option.

Important Considerations:

  • Incorrect information provided during registration may lead to revocation of your FHSA registration.
  • After revocation, contributions become non-tax-deductible, and transferred amounts from RRSPs are treated as income.


Types of FHSAs to Suit Your Needs:

Depositary FHSA:

  • Holds money, term deposits, or guaranteed investment certificates (GICs).

Trusteed FHSA:

  • Trust with a trust company as trustee, holding qualified investments like money, term deposits, GICs, bonds, mutual funds, and securities.

Insured FHSA:

  • Annuity contract with a licensed annuity provider.

Self-Directed FHSA for Empowerment:

  • Opt for a self-directed FHSA if you prefer managing your investment portfolio actively.
  • Contact your FHSA issuer for more information on this empowering option.

File Your Income Tax and Benefit Return:

  • Even if you did not contribute in the opening year, filing your income tax and benefit return for the year is essential to notify the authorities about your FHSA.

Your dream home is within reach with the First Home Savings Account. Start building your future today! Contact your FHSA issuer for personalized guidance and embark on your homeownership journey.


The information provided in the blog post above is intended for general informational purposes only and should not be considered as financial or legal advice. Individuals seeking comprehensive details and specific guidelines regarding the First Home Savings Account (FHSA) are strongly encouraged to refer to the official website of the Canada Revenue Agency at for the most up-to-date and accurate information.

The provided link offers official resources and guidelines directly from the relevant authorities, ensuring that individuals have access to the latest information and any potential updates or changes to FHSA regulations. It is essential for users to review the official documents and consult with qualified professionals to address their specific financial and legal circumstances.

The marketing content above is a brief overview and does not replace the comprehensive information available on the Canada Revenue Agency’s official website. Individuals are responsible for making informed decisions based on the official guidelines provided by the relevant authorities.