Program · Federal
First Home Savings Account (FHSA)
Tax-deductible in, tax-free out, no repayment. $8,000 per year, $40,000 lifetime.
Eligibility
- Canadian resident, 18 to 71
- First-time home buyer: you or your spouse have not owned a home you lived in during the current calendar year or the four preceding years
- Must have a qualifying agreement of purchase and sale before withdrawing
Limits and rules
- Annual contribution: $8,000
- Lifetime contribution: $40,000
- Account can stay open up to 15 years from first contribution or until end of year you buy, whichever comes first
- Unused funds roll to RRSP or RRIF without tax penalty