First Home Savings Account (FHSA)
Now Available!
A First Home Savings Account (FHSA) provides you the benefit of earning investment income tax free to help you purchase your first home.
FHSA
Open AccountAnnounced by the Federal Government of Canada in April 2023, the First Home Savings Account (FHSA) is a registered savings plan designed for Canadian residents 18 years of age and older to help them purchase their first home.
Features
- Contributions to a FHSA are tax deductible
- Withdrawals made for the purchase of a first home are not taxable
- Withdrawals made in a context other than the purchase of a first home will be treated as additional taxable income in the year the withdrawal occurs
- FHSA contribution room for a year is fixed. The maximum FHSA contribution is a set annual amount that is the same for everyone. A Canadian resident 18 years of age or older can contribute up to $8,000 per year. The lifetime contribution limit is $40,000
- Individuals have 15 years to use their FHSA, starting on the date the plan is opened
- Individuals can hold a FHSA, and a TFSA or RRSP (or all three) at the same time
Questions?
Contact a Branch near you
FHSA
Savings Account
Open Account
You can deposit money in your FHSA Savings Account at any time and withdraw funds at any time.
You can also set up automatic deposits into this account to ensure that you are putting the desired amount aside for your goals.
Interest Rate
1.70%
Features
- Funds are accessible anytime
- No minimum balance
- No fees except if transferred to another financial institution
- Guaranteed without limit by the Deposit Guarantee Corporation of Manitoba
Questions?
Contact a Branch near you
Interest rate is variable. Interest is calculated daily and paid monthly. Rate subject to change without notice.
FHSA GIC
Open AccountA FHSA GIC is used to invest funds at a fixed rate in a First Home Savings Account.
Interest Rate
| Non-Redeemable | Redeemable | |
| 12 months | 3.40% | 1.85% |
| 24 months | 3.35% | n/a |
| 36 months | 3.25% | n/a |
| 48 months | 3.35% | n/a |
| 60 months | 3.40% | n/a |
Minimum Balance
$1,000
Features
- Our redeemable GIC can be withdrawn anytime without interest penalty.
- Our non-redeemable GIC is locked in for the length of the term.
- Terms range from 1 to 5 years.
- No fees except if transferred to another financial institution.
- Guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.
Questions?
Contact a Branch near you.
To view the updated FHSA Declaration of Trust, please click here.
Interest is calculated daily and is paid at maturity for terms of one year or less or annually for terms exceeding one year. Rates subject to change without notice.
