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RBC Dominion Securities Inc.
Sign in
Client Login
Online Banking
Home
Your Team
Your Team
Your Extended Team
Your RBC Partners
Your Wealth
Your Process
Charitable giving
First Home Savings Account (FHSA)
Your Resources
Online services
eDocuments
Financial Literacy Program
Tax reporting guide
Contact
Team Blog
First Home Savings Account (FHSA)
Save for a first home with the tax-free First Home Savings Account (FHSA)
The new First Home Savings Account (FHSA) can help you save for a first home, while enjoying important tax advantages. Even if you, personally, already have a home, the FHSA may still benefit your younger family members.
Why should you open a FHSA?
Receive tax deductions for your contributions.
Room accumulates at $8,000 per year once the account is opened.
Lifetime maximum contribution of $40,000 is possible.
Carry forward up to $8,000 unused contribution room to future years.
Earn tax-free investment income on your contributions.
Make tax-free withdrawals to purchase a first home in Canada.
Alternatively, transfer FHSA funds tax free to your RRSP (or RRIF) without reducing your available RRSP contribution room (effectively gaining more RRSP contribution room).
Quick tip: Carry forward contribution room only starts accumulating after you open a FHSA – so considering opening one this year, even if you don’t make a contribution right away.
Who can open a FHSA?
First-time home buyers (defined as not owning a home lived in as a principal residence at any time during the part of the calendar year before opening the account or the preceding four calendar years)
Current spouse (including common-law partner) must also be a first-time home buyer
Canadian residents over the age of majority, who will not be older than age 71 on December 31 of the year the account is opened.
Quick tip: Have family members who don’t have a first home yet?
You can give funds to your family members, like your children and grandchildren, to open their own FHSAs.
Please contact us for more information about opening tax-free FHSAs for you and your family.