A first home savings account (FHSA) is a registered plan which allows you, if you are a first-time home buyer, to save to buy or build a qualifying first home tax-free (up to certain limits).
If you opened an FHSA in 2023, you can claim up to $8,000 in FHSA contributions you made by December 31, 2023, as an FHSA deduction on your 2023 income tax and benefit return.
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Plan administrators should consult Savings and pension plan administration.
Opening your FHSA
Review eligibility conditions and find out how you can open an FHSA
Participating in your FHSAs
How much you can contribute or transfer to your FHSAs, and how much unused FHSA participation room you can carry forward
Transfers into your FHSAs
How to make transfers into your FHSAs and how much can be transferred directly into your FHSAs
Withdrawals and transfers out of your FHSAs
Withdrawals from your FHSAs to buy a qualifying home or for other reasons, how to make transfers out of your FHSAs, and possible tax consequences
Tax deductions for FHSA contributions
Deducting FHSA contributions from your income tax and benefit return
What happens if you contribute or transfer too much to your FHSAs
Taxes you may need to pay and how to reduce or eliminate your excess FHSA amount
Closing your FHSAs
Details about your maximum participation period and when to close your FHSAs
Life events and FHSAs
What happens to an FHSA when the FHSA holder ends a marriage or common-law relationship, becomes a non-resident of Canada, or dies
Investments in your FHSAs
Types of investments that are permitted in your FHSAs, and taxes payable on some of the investments that you hold in your FHSAs
Reporting FHSA activities on your income tax and benefit return
Your T4FHSA slip and how to report your FHSA transactions and related activities on your income tax and benefit return
FHSA taxes payable, assessments and reassessments
What to do if you have FHSA taxes payable and your options after your return has been assessed or reassessed
Tax-Free FHSA Estimators New
Estimate how much you could save for a down payment for your first home by participating to your FHSA