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First Home Savings Account (FHSA)
Personal investing

First Home Savings Account

Have you seen the cost of houses these days? Help is on the way!

Save for your down payment and pay less tax

RRSPs are for retirement. RESPs are for education. And now FHSAs are for home buying. Launched in 2023, FHSAs help you accumulate a down payment with tax-free growth, tax-free withdrawals to buy your first home, and tax-deductible contributions.

  • Contribute up to $8,000 a year
  • Lifetime contribution limit of $40,000
  • Get a tax deduction for contributions

  • Pay no tax on growth
  • Pay no tax on qualifying withdrawals
  • Invest in mutual funds, term deposits and more!
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Quick tip

Do I qualify to open an FHSA?

To be a first-time home buyer and qualify to open an FHSA, you can’t have owned a home this year or in any of the previous four years. You must also be age 19 (in BC) to 71 and a Canadian resident with a valid social insurance number (SIN).


Investment planning

How can I invest my FHSA savings?

In general, investments that qualify for other registered accounts, such as TFSAs and RRSPs, also qualify for FHSAs — including term deposits and mutual funds. If you’re buying term deposits, make sure you choose terms that will give you access to your money when you need it. If you’re buying mutual funds, make sure you pick ones that suit the time you have before you need to withdraw your money.

Talk to an advisor


Home savings advice

FHSA, RRSP, or TFSA? What’s best for first-time home buyers?

Four steps to your down payment

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Wealth planning

Work with a local Wealth Advisor

Our wealth advisors can help invest your FHSA to maximize growth so you can achieve your savings goals faster. We’re here to help.

Learn more

Explore all registered plans

Registered Retirement Savings Plan (RRSP)

Save for the lifestyle you want in retirement, with tax advantages.

View details

Registered Education Savings Plan (RESP)

Fund a child’s educational dreams, with government grants.

View details

Registered Disability Savings Plan (RDSP)

Build long-term financial security for a person with disabilities.

View details

Registered Retirement Income Fund (RRIF)

Start spending savings in retirement by turning your RRSP into a RRIF.

View details

Tax Free Savings Account (TFSA)

Save for short-term and long-term expenses, with no tax on withdrawals.

View details

How to reach us

Call our Member Service Centre

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1 888 440 4480

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Saturday 9 am - 5 pm

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Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer which insures deposits in credit unions.

Unless otherwise stated, cash balances, mutual funds and other securities are not insured nor guaranteed, their values change frequently, and past performance may not be repeated.

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.

Qtrade Guided Portfolios is a division of Aviso Financial Inc.

Online brokerage services are offered through Qtrade Direct Investing, a division of Aviso Financial Inc.