FHSA
The FHSA is a registered savings plan that helps qualifying Canadians contribute up to $40,000 for the purchase of their first home tax-free.
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The FHSA can be used alongside the RRSP Home Buyer’s Plan and TFSA in order to make a bigger downpayment. Up to $8,000 of unused contribution room can carry forward to use in the following year.
How the FHSA compares to other home-saving options
Answer the questions below to find out if you qualify for an FHSA
- I am a Canadian resident: Yes/No
- I am above the age of majority in my province: Yes/No
- I am younger than 71 years of age: Yes/No
- I have not owned a qualifying home* in the last 4 years: Yes/No
If you answered
yes to all, you qualify to open a First Home Savings Account.
*Qualifying home means a housing unit located in Canada; or a share of the capital stock of a cooperative housing corporation, the holder of which is entitled to possession of a housing unit located in Canada, except that, where the context so requires, a reference to a share with a right to possession of a housing unit described means the housing unit to which the share relates.
