Introducing First-Home Savings Account

Get into the housing market faster with a tax-free First Home Savings Account (FHSA) from Equity!

Equity’s FHSA is a new registered account created to help you save up to $40,000, tax-free, toward a downpayment on your first home.

Think of it as a mix between a RRSP and a TFSA:
Like a RRSP…contributions to a FHSA are tax-deductible
Like a TFSA… withdrawal to purchase your first home and any income made on the FHSA are tax-free

Why invest in a FHSA?

  • Contributions lower your annual taxable income
  • Withdrawals to purchase your first home are tax-free
  • Any investment income from within the account is non-taxable
  • Any remaining funds in your FHSA, after purchasing a qualifying home, can be transferred to your RRSP tax-free

Click here to view today’s FHSA rates. 

Some restrictions apply: 

  • You and your spouse must both be first-time home buyers, having never owned a home that is used as your principal residence, anywhere in the world, within a calendar year of opening the FHSA or in the preceding 4 calendar years.
  • Minimum of 18 years of age and not turning age 72 or older in the year
  • Can contribute up to a lifetime limit of $40,000, with annual contribution limit of $8,000
  • Can hold more than one FHSA, but total contribution annually must not exceed $8,000
  • Can carry forward up to $8,000 to the following year
  • Will be able to claim a deduction for contributions during the calendar year. Once a qualifying withdrawal is made (ie. to purchase a home), any contributions after this time will not be deductible.

Contact Equity CU today to open your FHSA!