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Federal (Canada)Housing & rent
First Home Savings Account
A registered account for first-time home buyers. Contributions are tax-deductible like an RRSP, and withdrawals to buy a first home are tax-free like a TFSA.
Estimated value
Contribute up to $8,000/year ($40,000 lifetime), tax-deductible
Who qualifies
- You must be a Canadian resident aged 18 to 71 and a first-time home buyer (you have not lived in a home you owned this year or the past 4 years).
- You can hold an FHSA for up to 15 years or until age 71.
How to apply
- 1
Open an FHSA at a bank or broker
Most banks, credit unions, and online brokers offer FHSAs. You need to be a Canadian resident with a Social Insurance Number.
Go to application â - 2
Contribute and deduct on your taxes
Contribute up to $8,000 a year. Claim the deduction on your tax return, now or in a future higher-income year.
Documents you will need
- Social Insurance Number
How often it is paid
Tax deduction + tax-free growth
Good to know
- You can combine the FHSA with the RRSP Home Buyers' Plan for the same purchase.
- Unused contribution room carries forward, up to $8,000 extra.
Often applied for together
Last verified: August 31, 2026