FHSA

Start saving towards a down payment with the tax-free First Home Savings Account

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How does an FHSA work?

The First Home Savings Account (FHSA) is a tax-free savings account meant for home purchases. It's a new registered plan that allows first-time homebuyers to contribute up to $8,000 per year, with a lifetime limit of $40,000.

Why is the FHSA the right account for me?

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Because it can help you buy your first home

The FHSA is a new registered account that will provide you tax-free savings for the purchase of a first home.

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Because you’ll pay less taxes

Your contributions made to an FHSA are tax deductible, which reduces your taxable income for the current year.

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Because your FHSA contributions aren’t limited to a down payment

If you decide to use this amount for something other than a home, you can transfer the money to an RRSP or RRIF without affecting your contribution room.

The FHSA explained in less than 1 minute

50 seconds Read the transcript

The brand-new First Home Savings Account (FHSA) is now available at National Bank. Discover its various benefits.

To open an FHSA, you must be:

A Canadian resident
You must be between the ages of 18* and 71 to contribute.
A "first time homebuyer" i.e., you and your current spouse or common-law partner must not have owned a home that you lived in as your principal place of residence, at any point during the portion of the calendar year before the account was opened and in the 4 preceding calendar years.
You must not have already used the FHSA for the purchase of a property

*According to the age of majority in the province of residence

18 years old (Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island)
19 years old (British Columbia, New Brunswick, Newfoundland and Labrador, Nova Scotia, Yukon, Nunavut, Northwest Territories)

How do I open my FHSA?

Are you already a National Bank client and have access to your online bank? Sign in and start investing today.

Open an FHSA from your online bank

Complete our secure online form to contribute to your FHSA.

Open an account

Learn more

Open an FHSA via our direct brokerage platform

Are you a self-directed investor? Complete our secure online form and contribute to your FHSA via your brokerage account.

Open an account

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Want to talk with us?

Our team is always available to find the right solution for all your needs.

Make an appointment

The FHSA in numbers

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Up to $8,000/year and lifetime limit of $40,000

FHSA contributions can be up to $8,000 a year with a lifetime limit of $40,000.

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A 15 year lifespan

The FHSA has a lifespan of 15 years. After that time, the funds must be transferred to an RRSP or RRIF.

Tax-free income

Income and gains generated with your FHSA contributions are tax-free.

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How much can I borrow?

Calculate how much you can afford to spend on your first house mortgage.

Calculate your mortgage

FHSA vs HBP: What are the main differences?

What is the difference between a FHSA and a HBP? And which one should you choose? It depends on your savings goals, as well as your financial and tax situation.

FHSA

The Tax-Free First Home Savings Account is a new registered account that provides tax-free savings for first-time home buyers.

No repayment required
No withdrawal limit
Maximum annual contributions of $8,000 and a lifetime total of $40,000
No minimum holding period required for contributions to be deductible and eligible for withdrawal
The deadline for contributions to a FHSA is December 31 of each year

HBP

The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your RRSP to buy or build a first home.

Repayment required
Withdrawal limit of $60,000
Maximum annual contributions of the RRSP, which is 18% of your previous year’s income or the current fixed contribution limit
The money must be deposited into your RRSP 90 days before you withdraw it under the HBP
Deadline for RRSP contributions: 60 days after the end of the year

Good to know

You can combine the FHSA and the HBP.

Want to learn more about the FHSA?

Find the answers in our help centre.

I’ve just immigrated to Canada? Can I open an FHSA?

What’s the FHSA? And is it the right account for me?

Can I transfer money from my RRSP or TFSA to my FHSA?

Can I open a FHSA account with my spouse?

Can I open a FHSA if my spouse already owns property?

Can I contribute to my spouse's or child's FHSA?

Can I combine several savings methods for my down payment?

What happens to my FHSA after I buy my first home?

Other tax-sheltered plans

RRSP

Grow your savings and reduce your annual taxable income for the year you contribute.

Discover the RRSP

TFSA

Protect your interest from taxes and access your funds whenever you want.

Discover the TFSA

RESP

Save for your children’s education and receive up to $12,800 in government grants.

Discover the RESP

Explore all our savings plans and learn how they differ from investments.

Discover our plans

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Let’s chat FHSA

Let’s find the best investment solution for you today.

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FHSA questions in mind?

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Little details that matter

This just in: The First Home

Savings Account (or FHSA) is good news for first-time homebuyers.

The FHSA combines the features of a TFSA and RRSP, making it easier to save for a first down payment.

Everything you put into your FHSA reduces your taxable income.

Any money you earn is tax-free.

All the savings you take out to buy your home don’t need to be paid back.

And you can contribute up to $8,000 each year, up to a max of $40,000 in total.

So talk to a specialist about opening an FHSA...

...and start saving for your first home – tax-free.

You have nothing to lose and everything to gain.

Open your FHSA with National Bank today!

To learn about FHSA fees, please consult the Fee Guide – Personal Banking Solutions under Other Fees.

To learn about our process for notifying you of fee increases or new fees, please refer to the Interest and Fees section of our Personal Bank Holding Agreement.

If you are dissatisfied with our service, please consult our Complaint settlement page.

Learn more about the FHSA on page 3 of the Account application form.

Member of Canada Deposit Insurance Corporation (CDIC)

FHSA

How does an FHSA work?

Why is the FHSA the right account for me?

The FHSA explained in less than 1 minute

Am I eligible to open an FHSA?

How do I open my FHSA?

Open an FHSA from your online bank

Open an FHSA via our direct brokerage platform

Want to talk with us?

The FHSA in numbers

FHSA vs HBP: What are the main differences?

Want to learn more about the FHSA?

Other tax-sheltered plans

We’re here for you

Little details that matter

Video: The FHSA explained in less than 1 minute - Text transcript

Pricing and other important regulatory information

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