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First Home Savings Account (FHSA)

First step for your first home

The key to unlocking your dreams of home ownership is the tax-free First Home Savings Account (FHSA). We offer a wide range of investment products designed to help you achieve your financial goals. Your FHSA can hold a variety of qualified investments, including a savings account, guaranteed investment certificates (GICs) and mutual funds, each tailored to suit your risk tolerance and investment objectives.

Not sure how to maximize your FHSA?

Talk to a financial expert today, we're here to help. 

What is the FHSA?

An FHSA is a registered savings account designed for prospective first-time homebuyers. An FHSA combines the best features of an RRSP and TFSA. It allows you to make tax-deductible contributions, and qualifying withdrawals used to purchase a first home, including the investment income, are non-taxable. Plus, you don’t have to ‘pay back’ that withdrawal like you do when you use funds from your RRSP Home Buyers Plan (HBP).


This new registered savings account helps you save for the down payment on your first home faster, with:

  • Tax-deductible contributions (up to $8,000 each year / lifetime limit of $40,000)
  • Tax-sheltered savings (investment income and growth within the account are not taxable)
  • Tax-free withdrawals (on qualifying withdrawals for a first home purchase)
Talk to a financial advisor to maximize your FHSA Savings!

Whatever your goal, we’re here to provide personalized advice to help you make your dream a reality.

Open an FHSA today! Learn more

Open your FHSA today. Enjoy these rates.

FHSA variable

Interest Rate

2.50
*
%
1-yr fixed FHSA

Interest Rate

4.00
*
%
3-yr fixed FHSA

Interest Rate

3.75
*
%
5-yr fixed FHSA

Interest Rate

3.65
*
%

View ACU's current rates
*Rates subject to change.

Tips on how to invest in your FHSA savings

An FHSA empowers you to save efficiently for your first home. With tax-deductible contributions and tax-free growth, your savings can multiply faster. Here are a few FHSA tips:

  • Carry forward unused contribution room (up to $8,000), ensuring you don't lose out as your income grows.
  • If you’re investing in GICs, make sure you choose term lengths that will give you access to your money when you need it.
  • Stay on track with your savings goals by setting up automatic contributions to your FHSA and easily save for your downpayment savings.

First Home Savings Account Frequently Asked Questions

A First Home Savings Account (FHSA) is the first step toward owning your first home. We’re here to support you every step of the way on your journey towards home ownership. Let’s explore how an FHSA can help. Book your appointment today. 

You can open an FHSA, if you are a Canadian resident between the ages of 18 (or 19 for your province) and 71, and you qualify as a first-time home buyer.

Starting the year you open an FHSA, you can contribute up to $8,000 per year, up to a lifetime limit of $40,000. These contributions are tax-deductible from your income for the year of the contribution.

FHSA deposits and withdrawals cannot be made online however, you can view your transactions online. Book an appointment or contact us to make transactions in your FHSA. 


Yes, you can carry forward your unused contribution room to the following year, to a maximum of $8,000. That means the most you can contribute in any one year is $16,000 ($8,000 annual limit + $8,000 carry forward).

Yes! You can transfer money in from an RRSP (but not a TFSA or RRIF) if you have contribution room in your FHSA. You can transfer money out from an FHSA to an RRSP or a RRIF (but not a TFSA), regardless of your RRSP contribution room. Note that transfers are not tax deductible, and they don’t affect RRSP contribution room.

Withdrawals for a qualifying first-home purchase can be made tax-free. If you don’t end up buying a home, you can withdraw the money for other purposes, but it would be considered taxable income.

There is a maximum timeframe for an FHSA, and it must be closed 15 years after opening your first FHSA, the year you turn 71, or the year after your first qualifying withdrawal—whichever comes first.

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Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.
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