FHSA rules
- $8,000 a year, $40,000 lifetime; up to $8,000 of unused room carries forward one year.
- Contributions are deductible like an RRSP; qualifying withdrawals for a first home are tax-free like a TFSA.
- The account can stay open up to 15 years or until age 71; unused money can move to an RRSP without using RRSP room.
- You can combine it with the Home Buyers’ Plan.
FAQ
How much is the FHSA tax refund?
An $8,000 contribution at $70,000 income in Ontario saves about $2,370 in tax (29.65% marginal rate).
Sources (checked Nov 6, 2026): CRA, First Home Savings Account (FHSA); Income Tax Act s. 146.6.