05/28/2026
The First Home Savings Account (FHSA) is a powerful tool for Canadians working toward home-ownership. With tax-deductible contributions and tax-free withdrawals for qualifying purchases, it’s designed to make saving easier and more rewarding.
With a lifetime contribution limit of $40,000 and an annual cap of $8,000, its an excellent plan to take advantage of. Equitable offers three straightforward strategies to help you boost your FHSA contributions and get closer to your first home - faster:
Set it and forget it with automated contributions
Consistency is key. By setting up automatic monthly deposits of up to $667, you can effortlessly reach the annual maximum of $8,000. Equitable makes it easy to schedule recurring transfers from a bank account, helping you stay on track without the hassle of manual deposits.
Make the most of windfalls with lump sum deposits
Bonuses, tax refunds, or inheritances can be powerful savings tools. Equitable allows clients to make one-time contributions anytime, helping them catch up on unused FHSA room from previous years and accelerate their savings.
Transfer from RRSPs - tax-free
Clients who’ve already been saving in an RRSP can transfer those funds into their FHSA - up to their available contribution room - without triggering taxes. This strategy lets them benefit from the FHSA’s tax-free withdrawal feature while staying within their overall savings plan.
Want to learn more - Contact Kim to set up a free consultation at: [email protected] or Text: (780) 897-9376
