$8,000
Annual Contribution Limit
$40,000
Lifetime Maximum
Tax-Free
Withdrawals for Home
15 Years
Maximum Account Life
Triple Tax Advantage
The FHSA is Canada's most powerful savings tool for first-time home buyers:
✓
Tax Deduction
Like RRSP - reduce taxable income
✓
Tax-Free Growth
Like TFSA - no tax on gains
✓
Tax-Free Withdrawal
Unlike RRSP - withdraw tax-free
Who Qualifies?
Canadian resident, age 18+
First-time home buyer (no home ownership in current + past 4 years)
Have a valid Social Insurance Number (SIN)
FHSA vs HBP (Home Buyers' Plan)
| Feature | FHSA | HBP (RRSP) |
|---|---|---|
| Maximum | $40,000 | $60,000 |
| Withdrawal Tax | Tax-free | Must repay over 15 yrs |
| Can Combine? | Yes! Use both = $100,000 tax-free | |