Help centre
Use the search bar to write keywords without giving out any of your personal information.
Is there an FHSA withdrawal limit?
If you use your FHSA to buy your first property, you can withdraw the entire amount from your account tax-free.
However, there is a lifetime limit of $40,000 and an annual limit of $8,000. When you make a withdrawal, the interest earned is added to the amount you contributed.
Good to know
- Unlike the HBP, you don’t have to repay the amount withdrawn from your FHSA.
- No minimum holding period is required to make a withdrawal from your FHSA after a contribution.
For more details on different savings programs and their benefits, visit our savings and investments page.
Related questions
-
How to withdraw money from my TFSA? Here’s how to withdraw money from your TFSA. You should receive the funds in your National Bank account instantly. -
FHSA, RRSP or TFSA, which one to choose? Your RRSP (HBP), TFSA and FHSA are attractive savings programs for first-time buyers. Discover their distinct advantages. -
When will I receive my tax slips? Find out when your tax slips are due for the tax season. -
What is the minimum age for contributing to an RRSP? Find out at which age you can open an RRSP. -
Can I use multiple savings plans for my down payment? You can combine your RRSP (HBP), TFSA and FHSA when purchasing a property.
Chat with our virtual assistant
Ask a question for immediate answers to your questions, available 24/7