First Home Savings Account (FHSA)
The First Home Savings Account (FHSA) is a tax-advantaged account designed to help Canadians save for their first home. It combines the benefits of a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP), allowing tax-deductible contributions and tax-free withdrawals for a qualifying home purchase. With an annual contribution limit of $8,000 and a lifetime limit of $40,000, the FHSA is a smart way to build your down payment faster. Start saving today and take a step closer to homeownership!