FHSA Guides: First Home Savings Account Rules, Limits and Withdrawals

The First Home Savings Account (FHSA) is a registered account for first-time home buyers: contributions are deductible like an RRSP, and a qualifying withdrawal for a first home is tax-free. For the full picture of how the account works, start with the FHSA guide. The pages below each answer one question in depth.

Start here

• FHSA guide: how the account works, from eligibility to reporting it on your tax return
• FHSA calculator to project a balance and the tax deduction

Contribution room and deductions

• How FHSA carry-forward works, with worked examples by opening year

Opening an account

• Best FHSA accounts in Canada by provider type

Withdrawals and closing the account

• FHSA withdrawal rules: the conditions and steps for a tax-free qualifying withdrawal
• What happens to your FHSA if you never buy: the closing deadline and the RRSP transfer

Comparisons

• FHSA vs TFSA vs RRSP: which account to fund first

Special situations

• The FHSA for couples

Related guides elsewhere on the site

• The T4FHSA slip explained
• The RRSP Home Buyers’ Plan
• First-time home buyer programs in Canada