Buying your first home in Canada? The First Home Savings Account (FHSA) in Canada is a powerful tool designed to make it easier. It helps you save up to $40,000 (that’s $8,000 per year) without paying taxes on the growth. Whether you’re eyeing a cozy condo in Surrey or your first detached home in Ontario, the First Home Saving Account in Canada can help you get there—faster.
It’s a registered savings plan built just for first-time homebuyers like you. Think of it as a hybrid between a RRSP and a TFSA. You get tax deductions when you contribute, and you can withdraw funds tax-free when you’re ready to buy or build your home.
The First Home Saving Account of Canada helps first-time buyers save up for a down payment or construction costs of their first home—without tax penalties with Policyplace.
You can put in $8,000 per year, up to a total of $40,000. That’s over 5 years of focused saving power.
Every dollar you contribute can be deducted from your income taxes, just like an RRSP.
When it’s time to buy, you can pull the money out tax-free. No surprises. No penalties.
Didn’t buy a home yet? No problem. You can move the unused funds to your RRSP or RRIF without triggering taxes.
You get the best of both worlds—tax breaks while you save and freedom to use the money when you need it.
First-time buyers looking to maximize savings and reduce taxes
Young professionals planning to buy their first home in 3–5 years
Families wanting to gift a smart savings plan to their kids
Fill out the form on the right and our expert advisors will reach out with custom projections and next steps. We’ll break it down for you—no jargon, no pressure.
