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First Home Savings Account (FHSA)

Canada Revenue Agency · Federal

In plain language

Not a grant — it's a registered account, but functions as real free money via tax deduction. $8K/year contribution, $40K lifetime. Contributions are tax-deductible (like RRSP) AND withdrawals for a first home are tax-free (like TFSA). At a 31.5% marginal rate, a fully-funded FHSA saves ~$12,600 in tax over the deposit period plus any investment gains. Open one even if you're years from buying — the clock starts ticking (15-year account life) once opened. Must be 18+, Canadian resident, and have not owned a home you lived in during the current or preceding 4 calendar years.

Realistic range

$2,500 – $12,600

Avg award

$8,000

Max advertised

$12,600

Cost share

—

Accessibility

5 / 5

Effort

1 / 5

Deadline

Continuous intake

Repayable?

Who qualifies

Entity types

Individual

Sectors

Any sector

Regions

NL Wide

Demographics prioritized

None specifically

What you'll have to report

Open at a qualified issuer (bank/credit union/broker); contributions and withdrawals auto-reported by issuer on T4FHSA; keep Agreement of Purchase and Sale for first home.