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Money Advice for Life
The First Home Savings Account – what to know
Achieving your homeownership goals is closer than you think.
The First Home Savings Account is a new program being offered by the Government of Canada that allows Canadians to save up for a down-payment on their first home, tax free!
How does it work?
This new account allows eligible home buyers to save up to $40,000 ($8,000 annually) tax free! Just like a Registered Retirement Savings Plan (RRSP) all contributions are tax-deductible, and like a Tax-Free Savings Account (TFSA), withdrawals to purchase a first home would be non-taxable. You get the best of both accounts combined to help you reach your home-ownership goals.
You are eligible for a First Home Savings Account if you are:
A resident of Canada
At least 18 years of age; and
A first-time home buyer1
How is the FHSA different from the Home Buyers Plan?
The Home Buyers Plan allows you to withdraw up to $35,000 from your RRSP (depending on eligibility and conditions), however the amount must be repaid within 15 years.
While a First Home Savings Account doesn’t need to be paid back, withdrawals are tax-free, and you have up to 15 years to use the funds.
If you're ready to start saving - fill out the form below and we will reach out when the FHSA program is available!
1You don’t own a home in the year you open a FHSA or haven’t owned a home in the last four calendar years.