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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The information on the FHSA pages is reviewed regularly. Please share any feedback you have to help us improve it.

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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