First home savings account

Save tax-free for a qualifying home with an FHSA.

Open an FSHA

What is an FHSA?

An FHSA is a new registered plan that lets you save tax-free for a down payment on your first qualifying home.1

FHSA benefits

Tax-deductible contributions

FHSA contributions are eligible for a tax deduction, which reduces your taxable income for the current year or a future one.

Tax-free earnings

Investment income grows tax-free.

Tax-free withdrawals

You can withdraw your money tax-free to buy your first qualifying home.2

FHSA eligibility

You can open an FHSA if:

  • You’re 18 or older (not more than 71 on December 31)
  • You’re a Canadian resident
  • You or your spouse or common-law partner didn’t own a primary residence you were living in the year before the account was opened or during the previous 4 calendar years

FHSA contribution limit

Your contribution room is $8,000 per year, up to a lifetime limit of $40,000.

If you contribute less than the annual limit, you can carry forward the unused room (maximum $8,000) to the following year.

So each year, you can use up to $8,000 of the unused portion, up to a maximum annual contribution of $16,000.3

FHSA contribution deadline

The deadline is December 31 of the tax year. You can deduct your contributions on your tax return the year you make them, or later on to take advantage of the tax deduction in a future year.

When to close an FHSA

You must close your FHSA by one of the following dates, whichever comes first:

  • December 31 of the year you turn 71
  • December 31 of the year of the 15th anniversary of opening your FHSA
  • December 31 of the year following your first qualifying withdrawal

Good to know

Are you already contributing to an RRSP? You can transfer some of this money to an FHSA tax-free if you don’t exceed your FHSA contribution room. If you’re saving up for a home and you meet the eligibility requirements, this new plan might be the best option for you.

Keep in mind that you won’t get RRSP contribution room back for this transferred amount or receive another tax deduction.

How to open a Bâtirente FHSA

1. Open the FHSA
Log in to to open your FHSA and start contributing.

This Enrol online procedure will guide you step by step on how to enrol with just a few clicks.

2. Start contributing
You can now make your contributions entirely online, other than payroll deductions. Contribute online by clicking on 

Here’s the Contribute online procedure, step by step!

Other alternatives are also available:

QUESTIONS?

Contact the Member Services Centre at 1 800 463-6984, Monday to Friday, 8 a.m. to 8 p.m. or by email at batirente@dsf.ca.

1A qualifying home is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes or apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in a housing unit in Canada, also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.

2To make a non-taxable withdrawal from your FHSA, you must meet the conditions described in form RC725 Request to Make a Qualifying Withdrawal from your FHSA.

3Your contribution room accumulates from the year you opened your FHSA.

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