Start saving for your first home tax-free

  • Open a First Home Savings Account (FHSA) and watch your contribution room grow
  • Get started with a 3.00% redeemable GIC (6-month Term Deposit)
  • Ask about other investment options

Offer available until August 24, 2024

Terms & Conditions Apply

What are the benefits of a FHSA?

A First Home Savings Account (FHSA) is a tax-sheltered plan designed to help prospective first-time home buyers save for their first home tax-free, up to certain limits. It combines the attributes of a Registered Retirement Savings Plan and a Tax-Free Savings Account (TFSA).

What are the key benefits of opening and using a FHSA?

  • Lower your taxable income while saving for your first home
  • Grow your savings using investments in a tax-free shelter
  • Carry over unused contribution room
  • You do not have to repay the withdrawal, the FHSA closes once used for your home purchase

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Offer valid until August 24, 2024



How can a FHSA help you?

What is a FHSA?

An FHSA is a registered plan designed to help prospective first-time home buyers save for their first home tax-free.  

How does a FHSA work?

You contribute to your FHSA, and the contributions are tax-deductible. The investment growth within the account is tax-free. When you’re ready to buy your first home, you can withdraw the funds without paying taxes on the contributions or the gains.  

Who is eligible for a FHSA?

Canadian residents who are first-time home buyers and have not owned a home in the past four years are eligible. You must also have a valid Social Insurance Number (SIN).

What’s the maximum contribution limit?

The lifetime maximum contribution limit for FHSAs is $40,000. You can contribute up to $8,000 per year, and any unused contribution room carries forward. Important! You only earn carry forward once the plan is opened.  

Can I invest in stocks or mutual funds within my FHSA?

Yes, FHSAs allow a variety of qualified investments, including stocks, mutual funds*, bonds, and other eligible assets.  

Can I use my FHSA for anything other than buying a home?

No, the primary purpose of an FHSA is to save for your first home.  

What happens if I don’t use all my FHSA contribution room?

Once your plan is opened, unused contribution room carries forward for a maximum of 15 years.  

Are there any penalties for over-contributing to a FHSA

Yes, over-contributions are subject to a 1% monthly penalty tax on the excess amount.  

Can I transfer funds from my RRSP to my FHSA?

Yes, you can transfer funds from your RRSP to your FHSA. However, this transfer will reduce your lifetime FHSA contribution limit.  

What documentation do I need for FHSA contributions?

You’ll need to complete Schedule 15 - FHSA Contributions, Transfers, and Activities when filing your income tax return. This informs the Canada Revenue Agency (CRA) about your FHSA contributions and available deduction room.

Did you know?

First Credit Union invests 10% of profits into your local community

Our Comox Valley team volunteering at LUSH Gardens for Community Impact Day