Why open an FHSA ?
Get started on your journey to owning your first home. The FHSA is a registered savings plan designed to help first-time home buyers.
Contributions are tax-deductible and savings growth is tax-free.
Who is eligible?
The FHSA is an excellent home savings option available to Canadians residents who:
- are between 19 and 71 years of age
- are tax residents of Canada with a Social Insurance Number (SIN)
- have met certain criteria on current or past home ownership (refer to FAQs below)
Understanding the basics
Introduced by the federal government in 2023, the FHSA is a new way for would-be homeowners to save for their first home in a registered plan similar to the RRSP and TFSA.
$8,000 annual tax-deductible contribution limit
Maximum amount you can contribute each year or carry forward to the following year.
$40,000 lifetime tax-deductible contribution limit
Lifetime amount you can invest in tax-free savings for a first home purchase.
15 years of tax-free savings
Total number of years you can contribute to a tax-free FHSA.
Achieve your homeownership dreams
Save for your first home with the First Home Savings Bundle.
- 5.1% annual interest on an FHSA
- Bonus rates on term deposits
- New client welcome bonus of up to $450
- Everyday banking essentials to fit your needs
Frequently asked questions
You can visit a branch or call our Solution Centre.
For the purposes of opening an FHSA an individual will be considered a first-time home buyer if they did not, at any time in the current calendar year before the account was opened or at any time in the preceding four calendar years, live in a qualifying home as their principal residence, that:
- they owned, or
- their spouse or common-law partner owned, or
- they owned jointly with their spouse or common-law partner
Note, the Income Tax Act (ITA) makes reference to any principal residence regardless of location. If you are unsure of your eligibility due to home ownership in another country, consult with CRA before opening an FHSA.
For more information, visit the Government of Canada website.
With the RRSP Home Buyers' Plan, a planholder can withdraw up to $35,000 from their RRSP. The funds must be repaid to the RRSP over 15 years otherwise the withdrawal will be considered taxable income.
With the FHSA all funds can be withdrawn from the plan and do not have to be repaid if used for a first home purchase.
BlueShore currently offers high interest FHSA savings, redeemable FlexTerm and 1- to 5-year non-redeemable term deposits.
Yes, all funds deposited and invested in non-equity shares with BlueShore Financial are guaranteed† by the Credit Union Deposit Insurance Corporation of BC, including funds in an FHSA.
Comparing the FHSA to other registered plans
| FHSA | TFSA | RRSP | |
| Eligibility | Canadian residents over 19 who haven’t owned a home in the current or prior 4-year period. | Canadian residents over 19 with a valid SIN. | Canadian tax residents under 71. |
| Contribution Limit |
$8,000 annual . $40,000 lifetime. |
Annual limit varies year to year. No lifetime limit. $88,000 limit as of 2023. |
Lesser of 18% of your prior year income or annual limit (varies year to year). No lifetime limit. |
| Tax-deductible contributions | Yes | No | Yes |
| Tax-free withdrawals | Yes, if used for first home purchase. | Yes | No |
| Contribute to home savings | Use accumulated FHSA funds for first home purchase. | Grow additional savings for your home purchase tax-free and use TFSA savings towards your down payment. |
Borrow $35,000 from your RRSP under the Home Buyers’ Plan towards your home purchase. Transfer from RRSP savings to your FHSA tax-free, subject to FHSA contribution limits. |
High-interest First Home Savings Account (FHSA)
Secure growth on your path to first-home ownership.
Related Advice
Open a First Home Savings Account today
Online
Complete this form and a BlueShore representative will contact you, or click the Live Chat icon to begin a chat.
By Phone
Phone: 604.982.8000
Toll-free: 1.888.713.6728
Solution Centre Hours:
Mon to Fri 8am-8pm
Sat 9am-5pm
In Person
Visit a branch near you to open your account today.
† Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
* Rates are subject to change without notice at any time.