First Home Savings Account (FHSA)
Contributions are tax-deductible and qualifying withdrawals are tax-free, providing a powerful dual-tax advantage for aspiring homeowners.
Wealth management products and services offered by:
First Home Savings Account (FHSA)
Contributions are tax-deductible and qualifying withdrawals are tax-free, providing a powerful dual-tax advantage for aspiring homeowners.
Wealth management products and services offered by:
First Home Savings Account (FHSA)
Contributions are tax-deductible and qualifying withdrawals are tax-free, providing a powerful dual-tax advantage for aspiring homeowners.
Wealth management products and services offered by:
The FHSA helps Canadians save for their first home tax-free.
Tax-Deductible Contributions
Like an RRSP, contributions reduce your annual taxable income, providing immediate savings to help grow your down payment faster.
Tax-Free Withdrawals
Withdraw your entire balance—including all investment growth—tax-free for your first home. Unlike the HBP, these funds do not require repayment.
Flexible Long-Term Options
If you don't buy a home within 15 years, you can transfer savings directly into an RRSP or RRIF tax-deferred, regardless of available contribution room.
The FHSA helps Canadians save for their first home tax-free.
Tax-Deductible Contributions
Like an RRSP, contributions reduce your annual taxable income, providing immediate savings to help grow your down payment faster.
Tax-Free Withdrawals
Withdraw your entire balance—including all investment growth—tax-free for your first home. Unlike the HBP, these funds do not require repayment.
Flexible Long-Term Options
If you don't buy a home within 15 years, you can transfer savings directly into an RRSP or RRIF tax-deferred, regardless of available contribution room.
The FHSA helps Canadians save for their first home tax-free.
Tax-Deductible Contributions
Like an RRSP, contributions reduce your annual taxable income, providing immediate savings to help grow your down payment faster.
Tax-Free Withdrawals
Withdraw your entire balance—including all investment growth—tax-free for your first home. Unlike the HBP, these funds do not require repayment.
Flexible Long-Term Options
If you don't buy a home within 15 years, you can transfer savings directly into an RRSP or RRIF tax-deferred, regardless of available contribution room.
Understanding the FHSA Account
Who could open an FHSA?
The FHSA is ideal for Canadian residents who have not owned a principal residence in the current or four preceding calendar years. It is the premier vehicle for those focused on entering the real estate market with maximum tax efficiency.
Lifetime Contribution Limit
Lifetime contributions are capped at $40,000, including cash and RRSP transfers.
Annual Contribution Limit
The 2026 limit is $8,000. Room only begins to accumulate once the account is officially opened.
Limited Carry-Forward Room
You can carry forward $8,000, allowing a maximum $16,000 yearly contribution.
18+ Eligibility & Participation
Eligible first-time buyers aged 18–71 can maintain accounts for 15 years.
Understanding the FHSA Account
Who could open an FHSA?
The FHSA is ideal for Canadian residents who have not owned a principal residence in the current or four preceding calendar years. It is the premier vehicle for those focused on entering the real estate market with maximum tax efficiency.
Lifetime Contribution Limit
Lifetime contributions are capped at $40,000, including cash and RRSP transfers.
Annual Contribution Limit
The 2026 limit is $8,000. Room only begins to accumulate once the account is officially opened.
Limited Carry-Forward Room
You can carry forward $8,000, allowing a maximum $16,000 yearly contribution.
18+ Eligibility & Participation
Eligible first-time buyers aged 18–71 can maintain accounts for 15 years.
Understanding the FHSA Account
Who could open an FHSA?
The FHSA is ideal for Canadian residents who have not owned a principal residence in the current or four preceding calendar years. It is the premier vehicle for those focused on entering the real estate market with maximum tax efficiency.
Lifetime Contribution Limit
Lifetime contributions are capped at $40,000, including cash and RRSP transfers.
Annual Contribution Limit
The 2026 limit is $8,000. Room only begins to accumulate once the account is officially opened.
Limited Carry-Forward Room
You can carry forward $8,000, allowing a maximum $16,000 yearly contribution.
18+ Eligibility & Participation
Eligible first-time buyers aged 18–71 can maintain accounts for 15 years.
Comparing the difference between a FHSA and an RRSP
Feature
RRSP
TFSA
Feature
RRSP
TFSA
Main Purpose
First home purchase
Retirement savings
Main Purpose
First home purchase
Retirement savings
Tax on Deposits
Tax-deductible
Tax-deductible
Tax on Deposits
Tax-deductible
Tax-deductible
Tax on Growth
Tax-free
Tax-free Tax-deferred until withdrawal
Tax on Growth
Tax-free
Tax-free Tax-deferred until withdrawal
Tax on Home Withdrawal
Tax-free (no repayment)
Tax-free via HBP (must be repaid)
Tax on Home Withdrawal
Tax-free (no repayment)
Tax-free via HBP (must be repaid)
Contribution Room
$8,000/year ($40k lifetime)
18% of earned income
Contribution Room
$8,000/year ($40k lifetime)
18% of earned income
Account Lifespan
Max 15 years or age 71
Must close/convert by age 71
Account Lifespan
Max 15 years or age 71
Must close/convert by age 71
Investment fund and portfolio management services are provided through Corex Financial Inc.
Align your savings with your values
Start investing the halal way—anytime, anywhere. Access your portfolio, track performance, and build your wealth with confidence.
Investment fund and portfolio management services are provided through Corex Financial Inc.
Align your savings with your values
Start investing the halal way—anytime, anywhere. Access your portfolio, track performance, and build your wealth with confidence.
Investment fund and portfolio management services are provided through Corex Financial Inc.
Align your savings with your values
Start investing the halal way—anytime, anywhere. Access your portfolio, track performance, and build your wealth with confidence.
Investment fund and portfolio management services are provided through Corex Financial Inc.
Even more ways to grow your wealth
Disclaimer
Corex Financial Inc. ("Corex") offers wealth management products and services to Manzil customers. Corex Financial Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Ontario, British Columbia, Alberta, Newfoundland and Labrador, and Quebec. Assets in your Corex accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). All trademarks are the property of their respective owners. Corex will determine what investments are suitable for you.
This website is to be used for information purposes only and is not intended to provide any financial, legal, accounting, or tax advice. No securities regulatory authority has assessed the merits of these securities or the information contained on this website.
Your capital is at risk with any type of investment. The value of your portfolio can increase or decrease. Past performance is no guarantee of future results. An investment may be risky and may not be suitable for an investor's goals, objectives, and risk tolerance. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
This information is for educational purposes. Should any conflict arise between the information presented here and the official CRA website, the CRA website is considered the correct source. Please consult with a licensed representative for further assistance.
Investment fund and portfolio management services are provided through Corex Financial Inc.*
Disclaimer
Corex Financial Inc. ("Corex") offers wealth management products and services to Manzil customers. Corex Financial Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Ontario, British Columbia, Alberta, Newfoundland and Labrador, and Quebec. Assets in your Corex accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). All trademarks are the property of their respective owners. Corex will determine what investments are suitable for you.
This website is to be used for information purposes only and is not intended to provide any financial, legal, accounting, or tax advice. No securities regulatory authority has assessed the merits of these securities or the information contained on this website.
Your capital is at risk with any type of investment. The value of your portfolio can increase or decrease. Past performance is no guarantee of future results. An investment may be risky and may not be suitable for an investor's goals, objectives, and risk tolerance. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
This information is for educational purposes. Should any conflict arise between the information presented here and the official CRA website, the CRA website is considered the correct source. Please consult with a licensed representative for further assistance.
Investment fund and portfolio management services are provided through Corex Financial Inc.*
Disclaimer
Corex Financial Inc. ("Corex") offers wealth management products and services to Manzil customers. Corex Financial Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Ontario, British Columbia, Alberta, Newfoundland and Labrador, and Quebec. Assets in your Corex accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). All trademarks are the property of their respective owners. Corex will determine what investments are suitable for you.
This website is to be used for information purposes only and is not intended to provide any financial, legal, accounting, or tax advice. No securities regulatory authority has assessed the merits of these securities or the information contained on this website.
Your capital is at risk with any type of investment. The value of your portfolio can increase or decrease. Past performance is no guarantee of future results. An investment may be risky and may not be suitable for an investor's goals, objectives, and risk tolerance. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
This information is for educational purposes. Should any conflict arise between the information presented here and the official CRA website, the CRA website is considered the correct source. Please consult with a licensed representative for further assistance.
Investment fund and portfolio management services are provided through Corex Financial Inc.*