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First Home Savings Account (FHSA)

FederalSavingsChecked October 2, 2026

The FHSA lets first-time home buyers save for a home with tax-deductible contributions and tax-free growth. Qualifying withdrawals to buy a home are also tax-free.

How much

$8,000 of participation room in the year you open your first FHSA, with a $40,000 lifetime contribution limit. Unused room carries forward, but the carry-forward is capped at $8,000. Contributions are tax-deductible.

When it's paid

Not a payment — a savings account. Deductions are claimed on your tax return.

Who qualifies

  • You are a resident of Canada
  • You are at least 18 (19 in some provinces) and not over the age limit
  • You are a first-time home buyer (no home you lived in as owner in the current or past four years)

How to apply

  1. Open an FHSA at a bank, credit union or other financial institution
  2. Contribute within your room
  3. Claim the deduction on your tax return (Schedule 15)
  4. Withdraw tax-free for a qualifying first home

What to have ready

  • Social Insurance Number
  • Proof of identity
  • Agreement of purchase for withdrawals

Add to a printable checklist with other benefits

Common mistakes to avoid

  • Over-contributing beyond your room
  • Opening late and losing years of room
  • Not knowing the account must close after a set period
Still being confirmed: Maximum participation period (believed 15 years) was not confirmed on the pages opened; the opening page says only that no FHSA can be opened after it ends (and you must be 71 or younger on December 31 of the year you open one). Check the official page for the latest details.

Official sources

Last checked against these pages on October 2, 2026.

Related

  • Home Buyers' Plan (HBP)The Home Buyers' Plan lets you borrow from your RRSP, tax-free, to buy or build your first home. You must pay the money…

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BenefitCanada is independent and not affiliated with any government. This guide summarizes official sources in plain language; rules and amounts change, so always confirm on the official page before applying.