12/27/2025
Thinking about buying your first home in the future?
Then this is one deadline you don’t want to miss.
If you’re eligible for the First Home Savings Account (FHSA), you should open the account before January 1st — even if you don’t plan to contribute yet.
Here’s why 👇
✅ Your contribution room starts the year you open the account. Open it now, and your FHSA clock starts ticking. Wait until next year, and you permanently lose a year of potential tax-advantaged room.
✅ Tax-deductible contributions. Like an RRSP, contributions reduce your taxable income.
✅ Tax-free withdrawals for your first home. Like a TFSA, withdrawals for a qualifying home purchase are completely tax-free.
✅ Up to $40,000 of lifetime contribution room, $8,000 per year. That’s a powerful tool when paired with the RRSP Home Buyers’ Plan.
Key takeaway:
You don’t need to fund it today.
You just need to open it before January 1st to lock in the benefit.
Future-you will be glad you did.
If you want help understanding whether an FHSA makes sense for you or how it fits into your overall plan, feel free to reach out.
