Eligibility: To open a First Home Savings Account (FHSA), you must be a resident of Canada and at least 18, or the age of majority in your province. You must be a first-time home buyer.
Contributions: You can contribute up to $8,000 annually to a maximum amount of $40,000. If you contribute less than $8,000 in any year, you can carry forward the unused amount only to the following year.
Tax treatment: Contribution amounts are deducted from taxable income, either for the current tax year or any future year. Investments grow tax-free, and funds are withdrawn tax-free.
Duration: An FHSA can remain open for up to 15 years (or the end of the year you turn 71).
Investments: You can hold the same types of investments allowed in a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA).
Transfer to an RRSP: If you don’t use FHSA funds to purchase a home, you can transfer the funds tax-free to your RRSP without affecting your RRSP contribution room. Otherwise, withdrawn funds are fully taxable.
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