06/01/2026
Canada's newest registered account. And most families haven't opened one yet.
The FHSA (First Home Savings Account) launched in 2023 β and it's still one of the most underused tools available to first-time buyers in Canada.
Here's why it matters:
π΅ Contribute up to $8,000/year (lifetime maximum: $40,000)
π΅ Contributions reduce your taxable income β just like an RRSP
π΅ Growth and qualifying withdrawals are completely tax-free β just like a TFSA
π΅ Unused contribution room carries forward to the following year
π΅ If you don't use it to buy a home, transfer funds to your RRSP with no impact on existing contribution room
It combines the best of both the RRSP and the TFSA β specifically for your first home.
And when combined with the Home Buyers' Plan, the savings can be substantial.
π‘ Want to know how the FHSA fits into your bigger financial picture?
Drop your questions in the comments. Happy to help.