How the FHSA works
The First Home Savings Account helps first-time buyers save for a down payment. Like an RRSP, your contributions reduce your taxable income. Like a TFSA, the money — including investment growth — comes out tax-free when you use it to buy a qualifying first home.
💰 Contribution limits
Up to $8,000 a year and $40,000 over your lifetime. Unused room (up to $8,000) can carry forward to the next year.
⏳ Time limit
The account can stay open for up to 15 years, or until the end of the year you turn 71 — whichever comes first.
👫 Couples
Each spouse can open their own FHSA, so a couple can save up to $80,000 together.
🔁 Not buying after all?
Savings can be transferred to your RRSP without affecting your RRSP room.
To open an FHSA you generally must be a Canadian resident, at least 18, and a first-time home buyer. Brinder will confirm your eligibility and help you choose investments.
Is this right for you?
- First-time home buyers
- Young couples saving for a down payment
- Newcomers planning to buy their first home in Canada
Frequently asked questions
Can I use an FHSA and the RRSP Home Buyers' Plan together?
Yes, both can be used for the same qualifying home purchase if you meet the rules for each.
What counts as a first-time home buyer?
Generally, someone who hasn't lived in a home they or their spouse owned at any time in the current year or the previous four years.
How it works
Talk to Brinder
Tell us about you and what you need — by phone, email or in person.
Compare options
We compare plans and explain the differences in plain language.
Get covered
We help you apply, then stay with you for renewals and claims.