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FHSA – First Home Savings Account

Save Faster for Your First Home with Tax Advantages

A FHSA (First Home Savings Account) is a new, government-registered account that helps Canadians save for their first home efficiently. It combines the best features of RRSP and TFSA, allowing tax-deductible contributions and tax-free withdrawals for a qualifying home purchase. At Whealth, we help first-time home buyers design strategies to accelerate savings and achieve home ownership faster.

What Is a FHSA?

FHSA is the most powerful tool for Canadians looking to buy their first home while minimizing taxes.

Tax Deductible

Contributions reduce your taxable income, just like an RRSP, providing immediate tax savings.

Tax-Free Payouts

Withdrawals for a qualifying home purchase are completely tax-free, like a TFSA.

Tax-Free Growth

Investment earnings grow within the account without being taxed, accelerating your goal.

Ownership Keys

The perfect vehicle to help you reach your down payment goals faster than ever before.

Immediate Tax Savings

Reduce Income While Saving

FHSA contributions reduce your taxable income for the year you contribute. This means you keep more of your earnings today while building the foundation for your future home. It's a dual-benefit strategy designed for smart first-time buyers.

  • High contribution tax relief
  • Reduced annual tax bill
  • Funds grow tax-deferred
  • Strategic tax optimization

    • FHSA Investment Options

    You can grow your FHSA using a variety of high-performance assets tailored to your timeframe.

    Investment Choices:
    GICBondsStocksMutual FundsSeg Funds

    Maximize Your Power

    When used for a qualifying first home, withdrawals are 100% tax-free — maximizing every dollar of your purchasing power.

    Whealth Criteria:
    Timeframe to BuyRisk ToleranceDown Payment GoalMarket Timing

    Boost Your Purchasing Power

    100% Tax-Free Withdrawals

    Unlike the Home Buyers\' Plan (HBP) within an RRSP, FHSA withdrawals do not need to be repaid. This gives you a permanent tax advantage and more liquid capital when you finally find the perfect property.

  • No repayment required
  • Combine with HBP (RRSP)
  • Zero tax at withdrawal
  • Flexible purchase window

    • Tailored Growth Strategies

    Balance Safety and Execution

    Your FHSA investments can be tailored to balance safety and growth based on your specific purchase timeframe. We help you design a portfolio that stays resilient while seeking the returns needed to hit your down payment target faster.

  • Risk-adjusted allocation
  • Portfolio rebalancing
  • Target-date milestones

    • Strategic Ownership

    FHSA is perfect for young professionals, couples, or families looking to enter the housing market without financial strain.

    Our Role:
    Tax IntegrationLiquidity PlanningWealth DesignGrant Awareness

    Frequently Asked Questions

    You must be a Canadian resident, at least 18 (or 19 in some provinces), and a first-time home buyer (haven't owned a home you lived in during the current year or previous four years).
    You can contribute up to $8,000 per year, up to a lifetime total of $40,000.
    Yes, you can carry over up to $8,000 of unused contribution room from the previous year, for a maximum contribution of $16,000 in a single year.
    Yes, as of 2023, the government allows you to use both the Home Buyers' Plan (from your RRSP) and your FHSA funds for the same qualifying home purchase.
    If you don't use the funds for a qualifying home purchase within 15 years (or by age 71), you can transfer the funds tax-deferred to an RRSP or RRIF, or withdraw them as taxable income.

    Who Should Consider an FHSA?

    First-Time Buyers

    Individuals looking to maximize tax-deductible contributions for their down payment.

    Young Professionals

    Saving for property while reducing their current high income tax bracket.

    Planning Couples

    Building a combined purchasing fund for their first family residence.

    Strategic Investors

    Balancing short-term home goals with long-term tax-efficient wealth growth.

    Start Saving for Your First Home Today

    Whealth helps Canadians use FHSAs strategically — so your first home becomes a reality faster with professional guidance.