To open an FHSA, you must be a Canadian resident between the ages of 18 and 71. You are considered a first-time homebuyer if you and your spouse have not owned a home during the year that the account is opened or the previous four calendar years.
Although no tax applies on FHSA withdrawals when used for the purchase of your first home, this benefit will only apply to one property over your lifetime. An FHSA account must be closed by the end of the year after the first qualifying withdrawal is made. After this, you cannot open another FHSA account.
Please remember, you are not considered a first-time home buyer if you intend to purchase an investment property.