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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:
Opening an FHSA
You have the option to open one or multiple FHSA(s) with an FHSA issuer, which may include a bank, credit union, or a trust or insurance company. We will provide guidance on the available types of FHSAs and the eligible investments we offer.
Types of FHSAs