First Home Savings Account (FHSA)
A first home savings account (FHSA) is a registered plan allowing you, as a prospective first-time home buyer, to save for your first home tax-free (up to certain limits). You can open an FHSA starting April 1, 2023.
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Plan administrators should consult Savings and pension plan administration.
Services and information
Opening and closing your FHSAs
Who is eligible to open an FHSA and when to close your account
Participating in your FHSAs
How much you can contribute or transfer to your FHSAs, and how much unused FHSA participation room you can carry forward
Transfers between FHSAs and other registered plans
How much can be transferred directly to and from your FHSAs
Withdrawals from your FHSAs
Withdrawals from your FHSAs to buy a qualifying home or for other reasons, and possible tax consequences
Tax deductions for FHSA contributions
How much of your FHSA contributions you can deduct on your income tax and benefit return, and how much of your unused FHSA contributions you can deduct in future years
What happens if you contribute or transfer too much to your FHSAs
Taxes you may need to pay and how to reduce or eliminate your excess FHSA amount
Non-residents and FHSAs
What happens if you are or become a non-resident of Canada
Breakdown of marriage or common-law partnership and FHSAs
What happens if you are required to distribute amounts from your FHSAs on breakdown of your marriage or common-law partnership
Death and FHSAs
What happens to an FHSA when the FHSA holder dies, including tax implications for the deceased holder, survivor, and other FHSA beneficiaries
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