First Home Savings Account (FHSA)
Suitable for individuals saving for their first home. 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)
Suitable for individuals saving for their first home. 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)
Suitable for individuals saving for their first home. 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
Much like an RRSP, contributions made to an FHSA can be used to reduce your taxable income for the year. This provides immediate tax savings, helping you grow your down payment faster.
Tax-Free Qualifying Withdrawals
When you are ready to buy your first home, you can withdraw your entire balance—including all investment growth and earnings—completely tax-free. Unlike the Home Buyers’ Plan (HBP), these funds do not need to be repaid.
Flexible Long-Term Options
If you decide not to purchase a home within the account’s 15-year limit, you can transfer your FHSA savings directly into an RRSP or RRIF on a tax-deferred basis, regardless of your available RRSP contribution room.
The FHSA helps Canadians save for their first home tax-free.
Tax-Deductible Contributions
Much like an RRSP, contributions made to an FHSA can be used to reduce your taxable income for the year. This provides immediate tax savings, helping you grow your down payment faster.
Tax-Free Qualifying Withdrawals
When you are ready to buy your first home, you can withdraw your entire balance—including all investment growth and earnings—completely tax-free. Unlike the Home Buyers’ Plan (HBP), these funds do not need to be repaid.
Flexible Long-Term Options
If you decide not to purchase a home within the account’s 15-year limit, you can transfer your FHSA savings directly into an RRSP or RRIF on a tax-deferred basis, regardless of your available RRSP contribution room.
The FHSA helps Canadians save for their first home tax-free.
Tax-Deductible Contributions
Much like an RRSP, contributions made to an FHSA can be used to reduce your taxable income for the year. This provides immediate tax savings, helping you grow your down payment faster.
Tax-Free Qualifying Withdrawals
When you are ready to buy your first home, you can withdraw your entire balance—including all investment growth and earnings—completely tax-free. Unlike the Home Buyers’ Plan (HBP), these funds do not need to be repaid.
Flexible Long-Term Options
If you decide not to purchase a home within the account’s 15-year limit, you can transfer your FHSA savings directly into an RRSP or RRIF on a tax-deferred basis, regardless of your available RRSP 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
The total amount you can contribute to your FHSAs over your lifetime is $40,000. This includes both direct cash contributions and transfers from an RRSP.
Annual Contribution Limit
The specific amount of new contribution room added for the 2026 calendar year is $8,000. Note that contribution room only begins to accumulate once the account is officially opened.
Limited Carry-Forward Room
You can carry forward up to $8,000 of unused contribution room to the following year. This means the maximum you can contribute in any single year (including carry-forward) is $16,000.
18+ Eligibility & Participation
To open an FHSA, you must be a Canadian resident aged 18 to 71 and a first-time home buyer. The account can remain open for up to 15 years, until the end of the year you turn 71, or until the year after your first qualifying withdrawal.
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
The total amount you can contribute to your FHSAs over your lifetime is $40,000. This includes both direct cash contributions and transfers from an RRSP.
Annual Contribution Limit
The specific amount of new contribution room added for the 2026 calendar year is $8,000. Note that contribution room only begins to accumulate once the account is officially opened.
Limited Carry-Forward Room
You can carry forward up to $8,000 of unused contribution room to the following year. This means the maximum you can contribute in any single year (including carry-forward) is $16,000.
18+ Eligibility & Participation
To open an FHSA, you must be a Canadian resident aged 18 to 71 and a first-time home buyer. The account can remain open for up to 15 years, until the end of the year you turn 71, or until the year after your first qualifying withdrawal.
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
The total amount you can contribute to your FHSAs over your lifetime is $40,000. This includes both direct cash contributions and transfers from an RRSP.
Annual Contribution Limit
The specific amount of new contribution room added for the 2026 calendar year is $8,000. Note that contribution room only begins to accumulate once the account is officially opened.
Limited Carry-Forward Room
You can carry forward up to $8,000 of unused contribution room to the following year. This means the maximum you can contribute in any single year (including carry-forward) is $16,000.
18+ Eligibility & Participation
To open an FHSA, you must be a Canadian resident aged 18 to 71 and a first-time home buyer. The account can remain open for up to 15 years, until the end of the year you turn 71, or until the year after your first qualifying withdrawal.
Comparing the difference between a FHSA and an RRSP
Feature
TFSA
RRSP
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
RRSP
Registered Retirement Savings Plan
An RRSP is a retirement savings plan registered with the CRA that you or your spouse contribute to. Contributions reduce your taxable income, while growth remains tax-sheltered until withdrawal, typically at retirement.
Tax Deduction: Contributions lower your annual income tax.
Tax-Deferred Growth: Earnings are not taxed until withdrawn.
TFSA
Tax-Free Savings Account
A TFSA allows Canadians to set money aside tax-free. Unlike RRSPs, contributions aren't deductible, but any investment income, including capital gains and dividends, is earned tax-free and can be withdrawn at any time.
No Tax on Gains: Investment growth is never taxed.
Withdrawal Flexibility: Funds can be withdrawn and re-contributed later.
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.*