Key takeaways
- $8,000 a year, $40,000 lifetime; unused room carries forward (up to $8,000).
- Tax deduction on contributions; tax-free withdrawal for a first home.
- Can be combined with the RRSP Home Buyers' Plan for the same purchase.
- The account can stay open up to 15 years or until the end of the year you turn 71.
What is the FHSA?
A registered account for first-time buyers that combines the best of an RRSP (deduction going in) and a TFSA (tax-free coming out).
Who can open an FHSA?
Canadian residents aged 18 or older (19 in some provinces) who haven't lived in a home they or their spouse owned in the current year or the previous four calendar years.
How much can I contribute?
| Limit | Amount |
|---|---|
| Annual | $8,000 |
| Lifetime | $40,000 |
| Carry-forward | Up to $8,000 of unused room |
CRA, checked October 7, 2026.
FHSA vs RRSP Home Buyers' Plan
| FHSA | HBP | |
|---|---|---|
| Repay? | No | Yes, over 15 years |
| Max | $40,000 | $60,000 withdrawal |
| Use together? | Yes | Yes |
Using the FHSA to buy
Request a qualifying withdrawal with a written agreement to buy or build a home before October 1 of the following year, and move in within a year.
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
Sources
- CRA: First Home Savings Account (checked October 7, 2026)
- CRA: Home Buyers' Plan (checked October 7, 2026)
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