Tax-Free First Home Savings Account (FHSA)


  • Allows “first-time” homebuyers to save for a down payment on a tax-free basis.
  • There is a lifetime contribution limit of $40,000 and annual contribution limit of $8,000, beginning in 2023.
  • You can claim an income tax deduction for contributions made in a particular calendar year.
  • You can carry forward up to $8,000 of your unused annual contribution amount, subject to the lifetime contribution limit.
  • You can contribute to your FHSA until December 31 of the year in which you reach age 71.
  • The income earned in your FHSA is not taxed until it is withdrawn and withdrawals to purchase a first home are non-taxable. Remaining contributions not withdrawn for first home can be transferred tax free to RRSP.

FHSA Eligibility

  • You must be an individual resident of Canada.
  • You must be at least 18 years of age.
  • You must be a “first-time” homebuyer – you or your spouse/common-law partner did not own a qualifying home that you lived in as a principle residence, at any part of the calendar year before the account is opened or the preceding four calendar years.

Click here for more information on the Fidelity FHSA currently offered through Tradex

You wish to become a Tradex member ? A Tradex advisor will be happy to help you.