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    Tax-free savings to grow your money
    Coming soon


    A First Home Savings Account (FHSA) is a tax-free way to work towards your first home. This account is coming soon, after being introduced by the Government of Canada in 2022.

    Please note, the FHSA program is not available yet. We're gearing up to support our members as soon as possible.

    What's a FHSA and why get one?


    A First Home Savings Account (FHSA) is a tax-free way to work towards your first home. This account is coming soon, after being introduced by the Government of Canada in 2022. Here’s what we know so far.

    Grow your savings


    • Invest your hard-earned money, grow it tax-free, and withdraw it when you find your first home.
    • Enjoy tax-free qualified withdrawals.
    • Unlike an RRSP, qualified withdrawals from your FHSA to buy a home won’t be taxable.

    Get the lowdown on FHSAs

    Pay less income tax and more


    Invest your hard-earned money, grow it tax-free, and withdraw it when you find your first home. Enjoy tax-free qualified withdrawals. Unlike an RRSP, qualified withdrawals from your FHSA to buy a home won’t be taxable.

    Contributions can be used as deductions against your earned income, lowering the tax you pay when you file your return. And like a TFSA, your investment earnings won’t be taxed either.

    You can keep your FHSA open for 15 years, but if you don’t end up buying a home, you can transfer your FHSA savings to an RRSP or RRIF without paying taxes on the transfer.

    $8,000 contribution room


    Contribute up to $8,000 to your FHSA every year up to a lifetime contribution limit of $40,000. Once opened, you can carry forward up to $8,000 per year in unused contributions, subject to the lifetime limit.

    Tax-free qualified withdrawals


    Like a TFSA, qualifying withdrawals from your FHSA to purchase your first home are non-taxable. And contributions are tax-deductible but don’t need to be repaid (unlike the Home Buyer’s Plan in an RRSP).

    Our pros with some advice on FHSAs

    Who can be considered a first-time home buyer? What’s considered a first home?


    You are considered a first-time home buyer if you did not live in a “qualifying home” owned by you, or your spouse or common-law partner, at any time in the calendar year before your FHSA account is opened or the previous four years.

    A "qualifying home" is defined as a housing unit located in Canada. This includes shares to own a unit of co-op housing.


    Should I hold off on saving for a home until the FHSA is available?


    No. Since FHSA contributions are capped at $8,000 per year, with a lifetime cap of $40,000, you’ll likely need to rely on more than just a FHSA for your down payment anyway. Many people will also save for a home with a TFSA and/or RRSP.

    What else can I do to save for my first home?


    There are many ways to build your down payment for your first home, and everyone’s setup is unique. You might consider consolidating debt under a single loan, invest with an RRSP, in term deposits or a high interest savings account —or a combination of those things.

    The best way to start is by booking an appointment with us. Our specialists can work with you to build your down payment in a way that makes sense for your unique financial needs and goals.

    How is the FHSA different from the Home Buyers’ Plan (HBP)?


    The Canadian Home Buyers’ Plan allows you to withdraw up to $35,000 from your RRSPs to buy or build a qualifying home and pay back the funds to your RRSP over 15 years.

    If you’re already participating in the Home Buyers’ Plan (HBP), you’ll have the option to combine your HBP and FHSA to buy the same property. But unlike the HBP, the funds you withdraw from your FHSA do not need to be paid back.

    How many FHSAs can I have?


    As a holder and owner of an FHSA, you can have as many FHSA accounts as you wish as long as you don’t exceed the annual and lifetime limits as provided by the Canada Revenue Agency (CRA).

    Explore tax-free savings


    Use our TFSA calculator to help you determine the financial benefits of investing through TFSAs, and then start saving.

    These calculators are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.

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    Save for retirement and save on taxes in the meantime— this option can do it all.


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    Investment advice

    Experts like Erin Noble are ready to help members


    A Financial Services Officer like Erin can help you make sense of investing, find the right stream for you, and get your portfolio off the ground.

    • Get started with TFSAs
    • Know your investment options
    • Tailor your investment strategy to your goal
    • Develop personalized strategies with ongoing advice