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.

The FHSA helps to make your dreams of owning your first home a reality. Through tax-deductible contributions and tax-free growth, you can boost your savings faster. You can contribute up to $8,000 annually with a lifetime contribution limit of $40,000.

You don’t have to worry about contributing the full amount in a single year. A maximum of $8,000 in unused contribution room will carry forward to the following year giving you the freedom to save more. For example, if you contribute $6,000 to your FHSA in 2023, you’ll be allowed to contribute $10,000 in 2024.

When it comes time to purchase your first home, no tax will apply on FHSA withdrawals if it is used on a qualifying property. There are some restrictions to withdrawing funds. You must be a Canadian resident and a first-time homebuyer. You will need proof that you intend to purchase or build a qualifying home. Also, you must plan to occupy the home as your principal residence within one year.

Your FHSA account can stay open for a maximum of 15 years or until the end of the year you turn 71.

Individuals may claim an income tax deduction for eligible FHSA contributions (up to $8,000 annually and a lifetime maximum limit of $40,000).

Your FHSA allows your savings to grow tax-free. Any investment earnings and growth within the account are non-taxable allowing you to save more of your money for the purchase of your first home.

Your FHSA can hold a variety of qualified investments, including cash, Guaranteed Investment Certificates (GICs) and Mutual Funds*.

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.

Balancing financing and expenses is a constant challenge. Use our Mortgage Calculator to figure out what the costs are. It's quick, accurate and easy to use.  Let us do the math.

As a first-time home buyer, you probably have many questions. Buying a home involves many decisions. The endless lingo and terms can seem overwhelming. There’s no better place for a tailored personalized mortgage than right here at Tandia. From Home Buyers’ Plan (HBP) to repayment of RRSP funds, let us partner with you each step of the way. Visit our buying a home guide and let's get you started. 

Welcome to an easy-going life with a Tandia Mortgage.

Here at Tandia, we’re proud to offer a comfortable mortgage experience and at a pleasantly low rate. We will work with you to ensure that your home financing suits your unique needs, while allowing the flexibility you want for the future.