A First Home Savings Account (FHSA) is a designated plan that enables individuals, particularly those purchasing their first home, to accumulate funds for the tax-free acquisition or construction of an eligible initial home, within specified limits.

To initiate an FHSA, you need to qualify by satisfying all the conditions outlined here at the time of opening your account. You are either 18 years old or above. You are either 71 years old or younger as of December 31 in the year when you establish your FHSA. You are Canadian resident. You fulfill both of the following conditions for being a first-time home buyer:

1. You did not reside in a qualifying home (or a property that would qualify if located in Canada) as your primary residence, which you owned or co-owned, during the current calendar year or the preceding 4 calendar years at the time of opening the FHSA.
2. You resided neither in a qualifying home (or a property that would qualify if located in Canada), which your spouse or common-law partner owned or co-owned, as your primary place of residence during the current calendar year or the preceding 4 calendar years OR You are not married or in a common-law partnership when you initiate the account.