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First Home Savings Account

Your First Home Starts Here!

What is a First Home Savings Account (FHSA)?

The First Home Savings Account (FHSA) is a registered savings account designed to help first-time homebuyers save for their dream home. It combines the best benefits of an Registered Retirement Savings Plan (RRSP)  and Tax-Free Savings Account (TFSA), offering tax-free growth and contributions that lower your taxable income.

Are you eligible for a FHSA?

To be eligible for a FHSA the following criteria must be met:   

  • Must be a Canadian resident. 
  • You must be at least 18 years of age (or age of majority – province dependent) 
  • Not have owned a home in which you lived during the current or previous 4 calendar years.
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What are the contribution limits?

Contribution room of $8,000 is gained every year as long as you have a FHSA open. The lifetime FHSA limit is $40,000. Unused contribution room only carries forward 1 calendar year ($8,000 max). Our friendly Financial Service Representatives are here to answer all your questions.  

Ready to Start Saving?

Open your First Home Savings Account  today and take the first step toward homeownership. HMECU is here to support you every step of the way.
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1-866-808-2888

Phone 

​905-575-8888

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