The FHSA combines features of the RRSP and the TFSA to save toward a first purchase. Describe your project; an authorized person explains the rules to check.
What it is for
Saving toward the purchase of an eligible first home, with specific conditions of use.
Who is eligible
The criteria, notably on residence and previous home ownership, are set by the CRA; check them.
Qualifying and non-qualifying withdrawals
A withdrawal that meets the conditions is treated differently from one that does not; these rules deserve a careful read.
One account, several possible investments
As with an RRSP, the investment you choose carries its own risks.
Alongside the mortgage
This account is part of a broader purchase project; a mortgage broker can be consulted in parallel.
Frequently asked questions
Can I hold both an FHSA and an RRSP?
Yes, they are separate accounts; how they fit together is discussed with an authorized person.
What if I do not buy?
Transfer options exist under conditions; check with the CRA.
Is the request free?
Yes, and without obligation.