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Add First Home Savings Account (FHSA) for Canada

Hello,

Can you please add the First Home Savings Account (FHSA) for Canadians? This account is available for first time home buyers in Canada. It combines the benefits of the two existing types of accounts (TFSA and RRSP), meaning the contributions is tax deductible, and withdrawals to purchase a qualifying home will be non-taxable. The current limit is $8,000/year, with the lifetime maximum of $40,000 per person.

Related: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html

34 votes

Tagged as Suggestion

Suggested 02 July 2023 by user Ye Huang

Moved into Planned 29 August 2023

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  • 02 July 2023 Ye Huang suggested this task

  • 03 July 2023 Kyle Nolan approved this task

  • 29 August 2023 Kyle Nolan moved this task into Planned

  • avatar
    Randy

    The FHSA program will be discontinued on March 21, 2024. https://www.cbc.ca/news/business/first-time-home-buyers-incentive-discontinued-1.7130966

    02 March 2024
  • avatar
    Rob Albus

    Randy, the FHSA (First Time Home Savings Account) is different from the discontinued First Time Homebuyers Incentive. The FHSA is a tax advantaged account, whereas the latter is a shared-equity financing scheme the government was offering.

    FHSA is not affected by this.

    02 March 2024
  • avatar
    Zack Russell

    Is this happening? I see it hasn’t happened yet.

    28 October 2025
  • avatar
    Louis Cormier

    Hi! Upvote here, this has a major impact on savings for canadians. This would be a much appreciated feature!

    23 February
  • avatar
    Cory Snider

    Bumping above comment. Fellow Canadian - would love to see this!

    23 February
  • avatar
    John

    I would also like to see this. It’s very relevant for planning the purchase of a home and planning for early retirement.

    23 May