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First Home Savings Account (FHSA)

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A First Home Savings Account (FHSA) provides you the benefit of earning investment income tax free to help you purchase your first home.

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Announced 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.


  • 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

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Savings 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


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Interest rate is variable. Interest is calculated daily and paid monthly. Rate subject to change without notice.


A FHSA GIC is used to invest funds at a fixed rate in a First Home Savings Account.

Interest Rate

12 months4.70%**3.25%
24 months4.50%n/a
36 months4.40%n/a
48 months4.30%n/a
60 months4.20%n/a
**Indicates a special offer for a limited time. Some conditions apply. Contact your branch for details.

Minimum Balance

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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.