07/02/2026
Facts about the FHSA:
🏠 It lets you save up to $8,000 per year to a lifetime max of $40,000 towards your first home.
💰 Contributions are tax-deductible, your investments in the account grow tax-free and you don't get taxed when you withdraw funds for your down payment.
🤝You can use it with the Home Buyers’ Plan and any other savings to maximize your down payment.
⏰ You can roll over unused contribution room from the previous year to the current year.
✅ It’s available to Canadian residents who are at least 18 years old (or the age of majority in your province) and qualify as a first-time homebuyer.
Have questions? Let us know in the comments or check out Scotia Advice+ to learn more.
The Tax-Free First Home Savings Account helps Canadians save towards their first home.