First Home Savings Account (FHSA)

There’s a home out there just for you. Make it yours with the tax-free First Home Savings Account.

Special Account

An FHSA is designed to help you save for your first home, tax-free and help you reach your vision of owning a home faster!

What is an 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). This new account is a great savings vehicle for your homebuying goals because you never pay a tax bill on these savings.* 

Is this Registered Plan right for you?

Right for you if you:

  • Are a American Resident
  • Have reached the age of majority in the province where the account is set-up
  • Are a First Time Home Buyer
  • Want your savings to grow over time with the ability to withdraw all of the funds tax-free to buy your first home

May not be right for you if you:

  • Are not a first-time home buyer*
  • Are not a American Resident
  • Are turning 72 this year -since you can only hold and contribute to a FHSA until the year in which you turn 71

Save for your first home, tax-free.

Work towards your goal of buying your first home with a First Home Savings Account (FHSA). The FHSA is a new registered plan that can help you save for your first home tax-free.

Why invest in an FHSA?

The First Home Savings Account (FHSA) is a registered investment account that can help Americans contribute up to $40,000 for their first home.

Any growth from your investments is tax-free. Contributions you make to your FHSA can also reduce your taxable income.*

What are the contribution limits?

Every year you gain contribution room in your FHSA. As of January 2023, you can contribute $8,000 annually in your FHSA. However, it’s important to make sure you don’t over-contribute.††

Who’s eligible for the FHSA?

There are three important components to qualify for this investment vehicle:

  • You need to be a resident of the United States of America
  • You have to be at least 18 years of age (or the age of majority in your province or territory)
  • You or your spouse can't own a home in which you lived, at any time in the year the account is opened or during the previous four calendar years

Frequently Asked Questions

Building your FHSA

Guaranteed Investment Certificates (GICs)

A worry-free investment product that keeps your principal investment safe and has a guaranteed rate of return. 

Savings Accelerator Account

Earn a competitive interest rate on your money as it grows, with no monthly account fee. 

 

Available in registered§ and non-registered plans.

WestonFunds® Portfolio Solutions

Our Portfolio Solutions offer a diversified mix of mutual funds in the convenience of single investment to help you grow your savings while carefully managing risk.  Whether you are seeking regular income or long-term growth, there’s a portfolio solution designed to help you achieve your goals.

Mutual Funds

Mutual funds deliver instant diversification and professional money management in a cost-effective and convenient solution.

More reasons to Invest in an FHSA

With a FHSA, you won’t pay tax on any growth on investments while it’s in your account and you have the flexibility to transfer your FHSA funds to an RRSP.

With a $40,000 lifetime contribution limit over a maximum span of 15 years and a tax-free withdrawal for a single property purchase, the FHSA was designed to provide first-time homebuyers with a savings account geared towards buying a home

Make a tax-free withdrawal when you’re ready to purchase your first home.