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First Home Savings Account (FHSA)

First Home Savings Account (FHSA)

What is the FHSA?

The First Home Savings Account (FHSA) is a tax-free1 way to save for a down payment on your first home. Introduced by the Government of Canada, this new registered account makes it easier to reach your home ownership goals.

The FHSA is coming soon to Meridian. To be notified when it's available, simply join our waitlist.

How does an FHSA work?

The FHSA has similar tax benefits to Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs). Like an RRSP, FHSA contributions are tax deductible, and your savings will grow tax-free1. Like a TFSA, you can take money from your FHSA without paying tax2.

Contribute up to $8,000 each year, to a lifetime maximum of $40,0003. See our FHSA FAQs.

Why open an FHSA?


Save faster

As your savings grow, tax-free1, you’ll keep more of the money you put away for your first property.


Reduce the tax you owe

When you put money into your FHSA, every dollar can reduce your taxable income for the year (just like an RRSP).


Stay flexible

Change of plans? No problem. Any unused FHSA savings can be transferred, without being taxed, to another registered account, such as your RRSP or Registered Retirement Income Fund (RRIF).

Contributions and withdrawals


Flexible, tax-deductible contributions

Contribute up to $8,000 every year, to a lifetime maximum of $40,0003. Every dollar you put into your FHSA is tax-deductible1, which can reduce your taxable income. The lifespan of your FHSA is up to 15 years, with the freedom to carry forward unused contribution room from one year to the next.


Simple, non-taxable withdrawals

When it’s time to withdraw money for a qualified home purchase, withdrawals from your FHSA won’t be taxed2. This means your savings can be used directly towards your home, without being taxed as income. If you have any unused FHSA funds, they can be transferred, tax-free, to your RRSP or RRIF.

Who is eligible to open a FHSA?

Saving for a home just got easier

Canadian residents, ages 18 and over, are eligible to open an FHSA account4. Keep in mind, when it comes time to use your FHSA money for a home, there are a few restrictions, including:

  • You must be a Canadian resident and a first-time homebuyer.

  • You’ll need proof that you intend to purchase or build a qualifying home.

  • You must plan to occupy the home within one year, as your principal residence.

The Canada Revenue Agency (CRA) considers you a first-time homebuyer if you have not occupied a home that you, or your current spouse or common-law partner, have owned in the last four years. If you live with a disability, or are helping a disabled relative to buy or build a home, there may be exceptions.

Frequently asked questions

Join our waitlist

Interested in knowing when the First Home Savings Account is available? Sign up here to let us know.

Questions? Get in touch to learn more.

Whether you’re just starting out or have been putting away money for a down payment for a while, the FHSA offers an exciting opportunity to help you save for your first home, faster.

Book an appointment  Call us: 1-866-592-2226  Find a branch or advisor