SERVING Calgary, Edmonton, Fort McMurray, Saskatooon, Alberta, Saskatchewan, All of Canada - MOBILE
Ritu and Mahen Agrawal P. Eng.
Mortgage Planner and Financial Advisor
C 1-888-927-8270   P 403-452-7827


What is the Tax-Free First Home Savings Account (FHSA)?

  • A new tax-advantaged account designed to help Canadians save for a down payment to purchase first home
  • Combines the power of the TFSA and RRSP to help prospective first time home buyers
  • Contributions to the FHSA are tax deductible, while withdrawals are tax-free giving you the “best of both worlds” while investing for your home purchase
  • Contribute up to $8,000 per year once opened, up to a lifetime maximum of $40,000
How an FHSA works
Explore the high level summary below to learn more about how the new FHSA works. Learn more about contribution limits, eligibility requirements and much more.

Who can open a First Home Savings Account?
To open an FHSA, you must:
  • Be between the ages of 18 and 71
  • Be a current tax resident of Canada
  • Have not lived in a home that you or your partner owned in the current calendar year or any of the previous 4 calendar years
  • Be opening the account to save for buying a qualifying home¹ in Canada
  • Contributions and Deductions
  • Annual contribution limit: $8,000 (unused contributions can carry forward, with a maximum carry forward of $8,000)
  • Lifetime contribution limit: $40,000
  • Annual contributions can be deducted when you file your income tax (like an RRSP)

How can I use an FHSA?

  • First Home Savings Accounts can be used to invest in Stocks, ETFs, options and much more just like a TFSA or RRSP. You can also continue to contribute until you’ve reached the lifetime limit, or 15 years after the account’s initial opening.
  • Your investments can continue to grow tax-free within the account like an RRSP, making the FHSA an ideal choice to avoid capital gains and/or income tax on your investments while saving for a home.
  • Ready to buy or build your first home? The money can be withdrawn tax-free if used towards the qualifying purchase or build of your first home.

An FHSA is not a replacement for an RRSP or TFSA, but a complementary add-on.  This new account type is specifically designed for aspiring first-time home buyers. It works together with the other accounts to provide you with:

  • More contribution room
  • More tax savings
  • More opportunities for investment growth.

An FHSA takes the best features of the other accounts to give you a new and better way to save for your first home.


With current market situation and tightening of mortgage rules by Government of Canada (OSFI), we have access to 20+ big and small banks providing you the mortgage solution and flexibility that meet your personal needs.  We are Mortgage Professionals to help you plan for home ownership (i.e. purchase, pre-approvals, cash back, renewals, renovations), provide step by step guidance to prepare for mortgage financing and implement personalized savings strategies to payoff mortgage sooner.  There is no cost for our expert services and to seek for professional help you can CONTACT US.

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Total amount raised
Updated: 01/22/21
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