Get the Most of Your First Home Savings Account (FHSA)

Maximize your journey to homeownership with our comprehensive FHSA solutions. Optimize your savings and tax benefits.

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What is an FHSA?

A First Home Savings Account or FHSA is a registered plan that helps eligible Canadians save for their first home without paying taxes. It merges the best aspects of RRSPs and TFSAs into one powerful option, thus cutting your taxes and allowing you to enjoy tax-free withdrawals, for eligible home purchases.

Explore Types of FHSA solutions

Choosing the right FHSA depends on your financial goals, how much risk you can take, and when you plan to buy a home. These options let first-time homebuyers save in a way that fits their long-term financial plans.

Grow your FHSA fast

A managed FHSA is for people who want to invest their savings. It also allows tax-free withdrawals for buying a home, which is great for saving money. This approach offers more investment choices. Among them are Mutual Funds, Segregated Funds, Exchange-traded Funds (ETFs), Mutual Funds Exchange-traded Funds (ETFs), High Interest Savings Account (HISA), Guaranteed Investment Certificates (GICs) and Guaranteed Interest Funds (GIFs), etc. The main appeal of a managed FHSA is the potential for higher returns compared to an FHSA which is not invested.

Insured FHSA

An Insured FHSA works differently from other types. It is an annuity contract from a licensed provider, like an insurance company. In this case, instead of keeping money in a regular savings account or the stock market, the funds go into an annuity contract. This contract gives guaranteed income for a specific time. If you prefer stability and a structured savings plan with predictable returns, our FHSA experts are here to help you. Annuities can help with retirement planning, but they can also be a smart way to save for a home. Get a better choice if you prefer avoiding investment risks.

Why Choose FHSA With Us

Choosing us as your FHSA provider gives you expert financial insights. We are committed to offering personalised service for you.

Expert financial guidance

We go beyond just offering FHSAs - we help you build a tailored financial strategy. Our skilled Advisors listen to your needs. We offer insights to match your risk tolerance, whether you want a secure, conservative choice or long-term growth.

Diverse investment options

Your FHSA is more than just a savings account - it is a tool for wealth growth. We provide different investment choices, like Mutual Funds, Segregated Funds, Exchange-traded Funds (ETFs), Mutual Funds Exchange-traded Funds (ETFs), High Interest Savings Account (HISA), Guaranteed Investment Certificates (GICs) and Guaranteed Interest Funds (GIFs), etc. You can choose between guaranteed returns or market-driven growth. We give you the flexibility to create the FHSA that fits your needs.

Seamless account management

Managing your FHSA should be easy and intuitive. Our easy-to-use online platform gives you real-time access to your account. You can easily track contributions, see how your investments are doing and check withdrawal options in just a few clicks. Get updates and alerts on time, so you stay informed on changes in Canada.

Competitive interest rates

Maximizing your FHSA savings is our priority. We offer competitive interest rates so your money works harder for you. This means your savings will grow faster, helping you save for your dream home more easily.

Comprehensive educational resources

We believe that justified decisions lead to better financial outcomes. Our team of experts will help you optimize your account. We provide tools for confident choices - from contribution strategies to investment diversification.

Dedicated customer support

We know that financial decisions can be complex and that is why we are here to help. Our dedicated support team is here to answer all your FHSA-related questions. We provide personalised support for contributions, transfers and investment choices at every stage.

How to get the most of your FHSA

Your FHSA is not just a savings account – it is a strategic financial tool.

Step 1. Consultation

Our Financial Advisors assess your financial needs and find the right coverage. We discuss your concerns and suggest a great option for you.

Step 2. Application

We fill out the paperwork and submit your application to start the approval process. Our team ensures a smooth application experience, guiding you through every single step.

Step 3. Approval & Coverage

When your policy account gets approved, it becomes active. This ensures financial security for you and your family. You receive your policy documents and complete coverage details.

Useful FAQs About First Home Savings Account

Who is eligible to open an FHSA?
To qualify, you need to be a Canadian resident aged 18 to 71 and a first-time homebuyer. In this case you, your spouse or your common-law partner must not have owned a qualifying home in the past four calendar years.
You can contribute up to $8,000 per year. Unused contribution room rolls over – this helps you save more over time while staying within the $40,000 lifetime limit.

If you do not purchase a home within 15 years, you can transfer your FHSA funds to an RRSP or RRIF tax-free. If withdrawn as cash, it will be subject to income tax. It is important to know that unlike with TFSA, to start to obtain your FHSA room you need to open the account even if you do not make any contributions.

Yes, you can move your unused FHSA savings to an RRSP or RRIF. And this will not change your RRSP contribution room. So this ensures your savings remain tax-sheltered if your homebuying plans change.

Contact us today to discuss your needs and explore available options to begin the application process. Our team will answer your questions and take you through the whole process.