First Home Savings Account
A first home savings account (FHSA) is a registered plan which allows you, if you are a first time home buyer, to save to buy or build a qualifying first home tax-free (up to a certain limit).
To open an FHSA, you must meet all of the conditions below:
To open an FHSA, you must meet all of the conditions below:
- Must be 18 years of age or older
- You are 71 years or younger as of December 31 of the year you open the FHSA
- You are a resident of Canada
- You meet both of the first-time home buyer conditions:
- You do not live in a qualifying home as your principal place of residence that you owned or jointly owned in this calendar year or in the previous 4 calendar years.
- You either did not live in a qualifying home as your principal place of residence that your spouse or common-law partner owned or jointly owned in this calendar year or the previous 4 calendar years OR you do not have a spouse or common-law partner at the time of opening the account
