What is the First Home Savings Account (FHSA)?

Buying Tips
Written By Shay Asnani

The First Home Savings Account (FHSA) is a new registered account designed to help first-time home buyers save and grow money for their downpayment tax-free.

You are eligible to open an FHSA with your preferred financial institution, provided that you are:

  • At least 18 years old

  • A resident of Canada

  • Not older than 71 Years old by December 31st of the account opening year

  • A first-time home buyer

The lifetime limit for your FHSA is $40,000 CAD.

There are rules for opening and closing your account, as well as for how you contribute.

You can read more about that on the Government of Canada website!

Shay Asnani https://www.shaytorontorealtor.com
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