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    A first home savings account (FHSA, French: Compte d'épargne libre d'impôt pour l'achat d'une première propriété, CELIAPP) is a financial account offered in Canada since 2023, intended to help first-time homeowners afford a down payment. It has an annual contribution limit of $8000 CAD, up to a total limit of $40,000. Money placed in the account is tax-deductable, comparable to a registered retirement savings plan (RRSP). Money earned in the account through investments is also tax-free, comparable to a tax-free savings account (TFSA). If the money in the account is not used to buy a home within fifteen years, the funds must either be transferred to an RRSP or withdrawn.


    Background


    A previous federal program for first-time homeowners in Canada was the first-time homebuyer incentive, which was offered from 2019 to 2024. The government would provide a loan of up to ten percent on a property that would need to be repaid within 25 years and was a shared equity program with household income thresholds. It was criticized as a "convoluted program that was poorly thought out". The introduction of the first home savings account was received more favourably.
    Another federal program used to incentivize first-time homeownership is the home buyers' plan, which allows for a $60,000 CAD withdrawal from an RRSP without financial penalties. The withdrawn funds must be replaced within fifteen years. The home buyer's plan can be used in conjuction with the first home savings account.


    Eligibility


    To open a first home savings account, one must be a Canadian adult that is between the ages of 18 and 71. The Government of Canada has a specific definition of a "first time homebuyer". While a first home savings account cannot be used to buy a second home, people who have previously jointly owned property may qualify under certain circumstances. Couples can have their own individual first home savings accounts and use the combined total in these accounts when buying a home.


    History


    While the first home savings account was officially available on April 1, 2023, no major Canadian financial institution offered these accounts upon its release. All Big Six banks eventually made these accounts available to their customers by November 2023, with CIBC being the last to do so. The Canadian Revenue Agency had technical issues processing 2023 tax returns in which individuals held a first home savings account.


    References

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First Home Savings Account Explained

First Home Savings Account Explained

First Home Savings Account: What is it?

First Home Savings Account: What is it?

First Home Savings Account - Everything You Need To Know

First Home Savings Account - Everything You Need To Know

A Guide to Canada

A Guide to Canada's Tax-Free First Home Savings Account (FHSA)

What You Need to Know About First Home Savings Account

What You Need to Know About First Home Savings Account

What You Need to Know About First Home Savings Account

What You Need to Know About First Home Savings Account

First Home Savings Account | ATB Financial

First Home Savings Account | ATB Financial

The First Home Savings Account - An All-Inclusive Guide [2023]

The First Home Savings Account - An All-Inclusive Guide [2023]

What is the First Home Savings Account? | Mortgage Broker in Ontario

What is the First Home Savings Account? | Mortgage Broker in Ontario

Here’s why you should open a First Home Savings Account now - Clinton ...

Here’s why you should open a First Home Savings Account now - Clinton ...

FHSA: First Home Savings Account

FHSA: First Home Savings Account

How to Use a First Home Savings Account (FHSA): Guide For First-Time Buyers

How to Use a First Home Savings Account (FHSA): Guide For First-Time Buyers

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first home savings account

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First Home Savings Account (FHSA) - Canada.ca

Feb 3, 2025 · A first home savings account (FHSA) is a registered plan which allows you, if you are a first-time home buyer, to save to buy or build a qualifying first home tax-free (up to certain limits). Your FHSA participation room in the first year you open your FHSA is $8,000.

First Home Savings Account (FHSA) - RBC Royal Bank

A First Home Savings Account (FHSA) is a type of registered plan, which means you can hold investments in it to help you reach your goal of owning a home faster. At RBC, there’s no minimum balance required to open an account and you’ll be able to hold a …

What Is The First Home Savings Account (FHSA)? - Forbes

The FHSA is a registered savings plan that gives potential first-time homebuyers the ability to save up to $40,000 ($8,000 per annum) towards their home purchase without accruing tax.

First Home Savings Account (FHSA) - CIBC

The First Home Savings Account (FHSA) is a new type of registered plan that’s designed to help you save for your first home, tax-free. Your contributions will be tax-deductible, like a registered retirement savings plan (RRSP). Your qualifying withdrawals will be non-taxable, like a tax-free savings account (TFSA). 1.

FHSA: 9 Questions Answered About the First Home Savings Account

Feb 10, 2023 · Announced as part of the federal government's 2022 budget, the new First Home Savings Account (FHSA) came into effect in April 2023. It allows eligible individuals to save up to $40,000, and combines the tax advantages of two existing registered plans — the registered retirement savings plan (RRSP) and the tax-free savings account (TFSA).

FHSA | What is a First Home Savings Account? - Vancity

What’s an FHSA and why get one? A First Home Savings Account (FHSA) is a tax-free way to save towards your first home. Invest your hard-earned money, grow it tax-free, and withdraw it when you find your first home. Qualified withdrawals …

First Home Savings Account - ATB Financial

What is a First Home Savings Account (FHSA)? An FHSA is a plan that helps eligible Canadians save for their first home tax-free by combining certain features of a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA).