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. 

Who’s eligible? 

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. 

This new offering will be available at Conexus & Thrive later this summer. For additional information on the First Home Savings Account visit the Government of Canada website.

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.