{"id":16264,"date":"2022-11-22T13:57:07","date_gmt":"2022-11-22T21:57:07","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=16264"},"modified":"2024-11-13T10:17:14","modified_gmt":"2024-11-13T18:17:14","slug":"first-home-savings-account","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account","title":{"rendered":"How The Tax-Free First Home Savings Account Can Help You Buy A House"},"content":{"rendered":"\n<p class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-guide\">First-time home buyers<\/a> have access to a savings and investment tool that can help them prepare for their initial run at the housing market: the First Home Savings Account.<\/p>\n\n\n\n<p class=\"\">Combining aspects of tax-free savings accounts and registered retirement savings plans, the FHSA is a registered account in which you can save up to $40,000 for use as the down payment on a house.<\/p>\n\n\n\n<p class=\"\">Let\u2019s find out more about the FHSA and see if it can get you closer to your dream of <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mistakes-buying-your-first-home\">buying your first home<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Who is eligible for the First Home Savings Account?<\/h2>\n\n\n\n<p class=\"\">To open a First Home Savings Account, you must be:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">A resident of Canada.<\/li>\n\n\n\n<li class=\"\">At least 18 years old.<\/li>\n\n\n\n<li class=\"\">A first-time home buyer.<\/li>\n\n\n\n<li class=\"\">Younger than 71 in the year you open the account.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">You\u2019re a first-time home buyer if you:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">Have not lived in a home you owned in the calendar year before opening your FHSA.<\/li>\n\n\n\n<li class=\"\">Have not lived in a home you owned at any time in the preceding four years.&nbsp;<\/li>\n\n\n\n<li class=\"\">Don&#8217;t own property through beneficial ownership, like a corporation.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Where can you sign up for an FHSA?<\/h2>\n\n\n\n<p class=\"\">You can sign up for an FHSA at:<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-icon-panel-list c-block-icon-panel-list__wrapper container\"><ul class=\"c-block-icon-panel-list__items container\">\n<li class=\"wp-block-nerdwallet-blocks-icon-panel c-block-icon-panel__wrapper\"><a class=\"c-block-icon-panel__link c-block-icon-panel__shadow-small c-block-icon-panel__border-radius-large\" style=\"background-color:white\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" href=\"https:\/\/www.rbcroyalbank.com\/investments\/fhsa.html\"><div class=\"c-block-icon-panel__icon\" data-id=\"7211\" style=\"background-image:url(https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/06\/rbc-logo-150x150.png)\"><\/div><div class=\"c-block-icon-panel__text\">Royal Bank of Canada<\/div><\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-icon-panel c-block-icon-panel__wrapper\"><a class=\"c-block-icon-panel__link c-block-icon-panel__shadow-small c-block-icon-panel__border-radius-large\" style=\"background-color:white\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" href=\"https:\/\/www.questrade.com\/learning\/investment-concepts\/fhsa-101\/first-home-savings-account-sign-up\"><div class=\"c-block-icon-panel__icon\" data-id=\"33727\" style=\"background-image:url(https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/05\/Questrade-Logo-150x150-1-150x150.jpg)\"><\/div><div class=\"c-block-icon-panel__text\">QuestTrade<\/div><\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-icon-panel c-block-icon-panel__wrapper\"><a class=\"c-block-icon-panel__link c-block-icon-panel__shadow-small c-block-icon-panel__border-radius-large\" style=\"background-color:white\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" href=\"https:\/\/www.fidelity.ca\/en\/investor\/fhsa\/\"><div class=\"c-block-icon-panel__icon\" data-id=\"33884\" style=\"background-image:url(https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/05\/fidelity-canada-150x150.jpg)\"><\/div><div class=\"c-block-icon-panel__text\">Fidelity Investments<\/div><\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-icon-panel c-block-icon-panel__wrapper\"><a class=\"c-block-icon-panel__link c-block-icon-panel__shadow-small c-block-icon-panel__border-radius-large\" style=\"background-color:white\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" href=\"https:\/\/www.nbc.ca\/personal\/savings-investments\/fhsa.html\"><div class=\"c-block-icon-panel__icon\" data-id=\"33729\" style=\"background-image:url(https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/05\/national-bank-of-canada-logo-150x150.png)\"><\/div><div class=\"c-block-icon-panel__text\">National Bank of Canada<\/div><\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-icon-panel c-block-icon-panel__wrapper\"><a class=\"c-block-icon-panel__link c-block-icon-panel__shadow-small c-block-icon-panel__border-radius-large\" style=\"background-color:white\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" href=\"https:\/\/www.bmo.com\/main\/personal\/investments\/fhsa\/\"><div class=\"c-block-icon-panel__icon\" data-id=\"46221\" style=\"background-image:url(https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/09\/bmo-blue-on-transparent-en.svg)\"><\/div><div class=\"c-block-icon-panel__text\">Bank of Montreal<\/div><\/a><\/li>\n<\/ul><\/div>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-icon-panel-list c-block-icon-panel-list__wrapper container\"><ul class=\"c-block-icon-panel-list__items container\">\n<li class=\"wp-block-nerdwallet-blocks-icon-panel c-block-icon-panel__wrapper\"><a class=\"c-block-icon-panel__link c-block-icon-panel__shadow-small c-block-icon-panel__border-radius-large\" style=\"background-color:white\" target=\"_blank\" href=\"https:\/\/www.eqbank.ca\/personal-banking\/investments\/fhsa\" rel=\"noopener\"><div class=\"c-block-icon-panel__icon\" data-id=\"8413\" style=\"background-image:url(https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/07\/eq-bank-logo-150x150.jpeg)\"><\/div><div class=\"c-block-icon-panel__text\">Equitable Bank<\/div><\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-icon-panel c-block-icon-panel__wrapper\"><a class=\"c-block-icon-panel__link c-block-icon-panel__shadow-small c-block-icon-panel__border-radius-large\" style=\"background-color:white\" target=\"_blank\" href=\"https:\/\/www.td.com\/ca\/en\/personal-banking\/personal-investing\/products\/registered-plans\/fhsa\" rel=\"noopener\"><div class=\"c-block-icon-panel__icon\" data-id=\"7165\" style=\"background-image:url(https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/06\/td-bank-logo-150x150.png)\"><\/div><div class=\"c-block-icon-panel__text\">TD<\/div><\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-icon-panel c-block-icon-panel__wrapper\"><a class=\"c-block-icon-panel__link c-block-icon-panel__shadow-small c-block-icon-panel__border-radius-large\" style=\"background-color:white\" target=\"_blank\" href=\"https:\/\/www.wealthsimple.com\/en-ca\/accounts\/fhsa\" rel=\"noopener\"><div class=\"c-block-icon-panel__icon\" data-id=\"51562\" style=\"background-image:url(https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/12\/wealthsimple-square--150x150.png)\"><\/div><div class=\"c-block-icon-panel__text\">Wealthsimple<\/div><\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-icon-panel c-block-icon-panel__wrapper\"><a class=\"c-block-icon-panel__link c-block-icon-panel__shadow-small c-block-icon-panel__border-radius-large\" style=\"background-color:white\" target=\"_blank\" href=\"https:\/\/www.scotiabank.com\/ca\/en\/personal\/investing\/first-home-savings-account.html\" rel=\"noopener\"><div class=\"c-block-icon-panel__icon\" data-id=\"9281\" style=\"background-image:url(https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/08\/scotiabank.svg)\"><\/div><div class=\"c-block-icon-panel__text\">Scotiabank<\/div><\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-icon-panel c-block-icon-panel__wrapper\"><a class=\"c-block-icon-panel__link c-block-icon-panel__shadow-small c-block-icon-panel__border-radius-large\" style=\"background-color:white\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" href=\"https:\/\/www.cibc.com\/en\/personal-banking\/investments\/fhsa.html\"><div class=\"c-block-icon-panel__icon\" data-id=\"9298\" style=\"background-image:url(https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/08\/CIBC.png)\"><\/div><div class=\"c-block-icon-panel__text\">CIBC<\/div><\/a><\/li>\n<\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">How the First Home Savings Account works<\/h2>\n\n\n\n<p class=\"\">Eligible Canadians can set up a First Home Savings Account at any financial institution that offers <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-tfsa\">TFSAs<\/a> and <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/best-high-interest-rrsp\">RRSPs<\/a>: banks, credit unions, life insurance companies and Canadian trust companies. An FHSA should be easy to open and fairly straightforward to use.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">FHSA contribution limits<\/h3>\n\n\n\n<p class=\"\">You can deposit funds into your First Home Savings Account up to an annual contribution limit. In the first year you have the account, you can contribute up to $8,000. If you don\u2019t hit the limit in any year, the unused amount carries over, which can lead to higher limits in subsequent years. Everyone faces a lifetime contribution limit of $40,000. Like an RRSP, contributions are generally tax-deductible.<\/p>\n\n\n\n<p class=\"\">You can use the money in your FHSA to purchase various investment products, like mutual funds, stocks, bonds and guaranteed investment certificates. You won\u2019t have to pay taxes on any of the gains these investments generate \u2014 another nice perk.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Other FHSA contribution rules<\/h3>\n\n\n\n<p class=\"\">In addition to the $8,000 yearly and $40,000 total contribution limits, keep these rules in mind when funding your FHSA.<\/p>\n\n\n\n<p class=\"\">Unlike with RRSPs, your annual FHSA contribution limit applies to a calendar year, and doesn\u2019t include the first 60 days of the following year. After December 31, the contribution time for any particular year is up.<\/p>\n\n\n\n<p class=\"\">If you don\u2019t hit your $8,000 annual FHSA contribution limit, the leftover amount carries over to the next year. If you contributed $4,000 in 2024, for example, you\u2019ll have $12,000 worth of contribution room to work with in 2025.<\/p>\n\n\n\n<p class=\"\">You can hold more than one FHSA, but your annual and lifetime contribution limits apply as if all your accounts were a single unit. In other words, if you have two accounts, each account does not have its own $8,000 annual contribution limit.<\/p>\n\n\n\n<p class=\"\">If you go over your annual contribution limit, you\u2019ll be taxed at a rate of 1% per month on the excess contribution amount until the excess amount is removed from your FHSA. If you don\u2019t withdraw the over-contribution, it will be applied to next year\u2019s total once January 1 rolls around.<\/p>\n\n\n\n<p class=\"\">You can help your spouse or common-law partner contribute to their FHSA by sharing funds with them, but whatever money you provide can\u2019t be claimed as a deduction for tax purposes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">FHSA withdrawals<\/h3>\n\n\n\n<p class=\"\">When you purchase your first home, you submit a request to your FHSA issuer that confirms your eligibility to make a qualifying withdrawal. If all\u2019s well, you\u2019ll receive your savings and put the full amount toward your down payment, deposit or closing costs tax-free.&nbsp;<\/p>\n\n\n\n<p class=\"\">Because the First Home Savings Account is designed to help home buyers, only withdrawals put toward a home purchase will qualify and receive tax-free treatment.&nbsp;<\/p>\n\n\n\n<p class=\"\">To make a qualifying withdrawal, you must:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">Be a first-time home buyer and reside in Canada at the time of your withdrawal.<\/li>\n\n\n\n<li class=\"\">Have a written agreement to buy or build a home in Canada before October 1 in the year that follows the year of withdrawal. For example, if you plan to withdraw your FHSA funds on December 1, 2025, you\u2019ll need an agreement in place by October 1, 2026.<\/li>\n\n\n\n<li class=\"\">Intend to use the home as your principal residence within one year of buying or building it.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">Non-qualifying FHSA withdrawals will be added to your taxable income for the year in which you make the withdrawal, which could lead to an outsized tax bill. Your FHSA provider will also withhold tax on non-qualifying withdrawals..<\/p>\n\n\n\n<p class=\"\">You can, however, transfer money from a First Home Savings Account to an RRSP or <a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-rrif\">registered retirement income fund<\/a> without triggering taxes. Generally, these transfers won\u2019t affect the limits for your lifetime FHSA contributions or RRSP contributions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Will the First Home Savings Account actually help you buy a house?<\/h2>\n\n\n\n<p class=\"\">That\u2019s the $40,000 question. Answering it means weighing the FHSA\u2019s benefits and drawbacks.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tax advantages<\/h3>\n\n\n\n<p class=\"\">The tax implications of an FHSA can be quite helpful. The deductions can create a larger annual tax refund, which can be funnelled into your FHSA and help grow it faster. The money you save by not having to pay tax on your investment gains means you keep more of your earnings.<\/p>\n\n\n\n<p class=\"\">Depending on how much your tax refund improves, you could also use it to pay down outstanding debt and improve your credit standing \u2014 all things that may help you get <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-mortgage-pre-approval\">approved for a mortgage<\/a> at a lower rate in the future<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Better than the Home Buyers\u2019 Plan?<\/h3>\n\n\n\n<p class=\"\">It depends how you look at it. The <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-the-home-buyers-plan\">Home Buyers\u2019 Plan<\/a> allows you to use up to $60,000 of your RRSP savings for a first home purchase, which would provide a larger down payment boost than an FHSA. But unlike the HBP, the FHSA doesn\u2019t require you to repay the amount withdrawn.<\/p>\n\n\n\n<p class=\"\">There is the option of combining your FHSA with the Home Buyers\u2019 Plan and giving your home buying budget a little extra juice. But because of the FHSA\u2019s annual contribution limits, it\u2019ll take time to grow your account\u2019s balance. That may not be helpful if your RRSP is already well funded and you\u2019d like to make use of the HBP in the next year.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Modest contribution limit<\/h3>\n\n\n\n<p class=\"\">Unless housing prices fall dramatically, FHSAs won\u2019t cover much more than deposits on pre-construction properties or closing costs in most markets. And in the five years it takes to save the full $40,000, further increases in housing prices could outpace the FHSA\u2019s tax-saving benefits.<\/p>\n\n\n\n<p class=\"\">But if you\u2019re determined to <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/buying-a-house-steps\">buy a house<\/a> in five years or more, socking $40,000 away in a FHSA is arguably a better option than stashing it in a high-interest savings account or a TFSA that isn\u2019t being used for investing. And if that first home remains elusive, you can always transfer your FHSA savings to an RRSP or RRIF and feel good about putting some money away for retirement. It\u2019s not a bad Plan B.<\/p>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-faq c-block-faq\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div class=\"c-block-faq__wrapper\"><div class=\"c-block-faq__header\"><h2 class=\"c-block-faq__title\"><\/h2><\/div><div class=\"c-block-faq__section-list\">\n<div class=\"wp-block-nerdwallet-blocks-faq-section\"><div class=\"c-block-faq-section c-block-accordion-wrapper\"><div class=\"c-block-accordion__header\"><h3 class=\"c-block-accordion__title\">Frequently asked questions about the First Home Savings Account<br><\/h3><\/div><div class=\"c-block-accordion-list\">\n<div class=\"c-block-faq-item c-block-accordion-item c-block-accordion-item--active\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\"><strong>How much can I contribute to my FHSA in 2025?<\/strong><\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">The annual contribution limit is $8,000. Any amount you don\u2019t contribute can be carried over to the following year. If you save $5,000 in an FHSA in 2025, for example, you\u2019ll have an $11,000 contribution limit in 2026.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 class=\"nwb-authors__title\">\n\t\t\tAbout the Authors\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Clay Jarvis photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<strong>Clay Jarvis<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Clay Jarvis is NerdWallet\u2019s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" title=\"Read more about Clay Jarvis\">\n\t\t\t\t\t\t\t<span>Read more about Clay Jarvis and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/07\/kurt-woock-100x100.jpeg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Kurt Woock photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\">\n\t\t\t\t\t\t<strong>Kurt Woock<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Kurt Woock started writing for NerdWallet in 2021 and has covered mortgages, cryptocurrency, electric vehicles and small business software. Prior to joining NerdWallet, Kurt worked for the Colorado Public Employees&#039;&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\" title=\"Read more about Kurt Woock\">\n\t\t\t\t\t\t\t<span>Read more about Kurt Woock and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-4597\" class=\"c-block-card post-4597 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-rates cluster-compare-mortgage-rates\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"198\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/GettyImages-1270110980-e1647903056478-460x198.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"The Best Mortgage Rates in Canada\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tThe Best Mortgage Rates in Canada\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Quickly explore Canadian mortgage rates from bank and non-bank lenders. Find the best fixed or variable mortgage rate for your home buying needs.  <\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-4597 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-14245\" class=\"c-block-card post-14245 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-calculator cluster-all-mortgage-calculators\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-mortgage-payment-calculator\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/GettyImages-1371867761-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Mortgage Payment Calculator\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-mortgage-payment-calculator\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tMortgage Payment Calculator\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Use our mortgage payment calculator to estimate your monthly mortgage payments in Canada. Enter your loan details to get an accurate and quick assessment of your mortgage costs.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-14245 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-36202\" class=\"c-block-card post-36202 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-calculator cluster-all-mortgage-calculators\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/closing-costs-calculator\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/12\/GettyImages-941729686-e1638379329198-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Canada Closing Costs Calculator\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/closing-costs-calculator\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tCanada Closing Costs Calculator\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Create a more accurate home buying budget by estimating your closing costs \u2014 the one-time, upfront expenses you&#8217;ll pay before receiving the keys. <\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-36202 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1504\" class=\"c-block-card post-1504 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-rates cluster-mortgage-rates-basics\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/fixed-vs-variable-mortgage\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/08\/Understanding-Fixed-and-Variable-Rate-Mortgages-e1628544870272-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Fixed vs Variable Mortgage Rate: Which Is Better For You?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/fixed-vs-variable-mortgage\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tFixed vs Variable Mortgage Rate: Which Is Better For You?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>With a fixed-rate mortgage, your interest rate and payments won\u2019t change during your mortgage term. But they might if you opt for a variable-rate mortgage. <\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/07\/kurt-woock-40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Kurt Woock<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1504 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>The First Home Savings Account combines beneficial aspects of an RRSP with those of a TFSA to help Canadians save for a home purchase.<\/p>\n","protected":false},"author":25,"featured_media":16256,"parent":106,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"[]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[16],"topic":[117],"cluster":[233],"pp_author":[87,880],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The FHSA: Canada\u2019s Tax-Free First Home Savings Account - NerdWallet<\/title>\n<meta name=\"description\" content=\"The FHSA is a registered savings account that allows you to save up to $40,000 to put toward the purchase of your first home.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The FHSA: Canada\u2019s Tax-Free First Home Savings Account - NerdWallet\" \/>\n<meta property=\"og:description\" content=\"The FHSA is a registered savings account that allows you to save up to $40,000 to put toward the purchase of your first home.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account\" \/>\n<meta property=\"og:site_name\" content=\"NerdWallet Canada\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NerdWallet\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-13T18:17:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/GettyImages-1326353127-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2121\" \/>\n\t<meta property=\"og:image:height\" content=\"1414\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@NerdWallet\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data2\" content=\"Clay Jarvis, Kurt Woock\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account\",\"name\":\"The FHSA: Canada\u2019s Tax-Free First Home Savings Account - NerdWallet\",\"isPartOf\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#website\"},\"datePublished\":\"2022-11-22T21:57:07+00:00\",\"dateModified\":\"2024-11-13T18:17:14+00:00\",\"description\":\"The FHSA is a registered savings account that allows you to save up to $40,000 to put toward the purchase of your first home.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.nerdwallet.com\/ca\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mortgages\",\"item\":\"https:\/\/www.nerdwallet.com\/ca\/mortgages\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"How The Tax-Free First Home Savings Account Can Help You Buy A House\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#website\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/\",\"name\":\"NerdWallet Canada\",\"description\":\"NerdWallet, make all the right money moves.\",\"publisher\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.nerdwallet.com\/ca\/?s={search_term_string}&submit=Search\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#organization\",\"name\":\"NerdWallet Canada\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg\",\"contentUrl\":\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg\",\"width\":1,\"height\":1,\"caption\":\"NerdWallet Canada\"},\"image\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/NerdWallet\",\"https:\/\/twitter.com\/NerdWallet\",\"https:\/\/www.instagram.com\/NerdWallet\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The FHSA: Canada\u2019s Tax-Free First Home Savings Account - NerdWallet","description":"The FHSA is a registered savings account that allows you to save up to $40,000 to put toward the purchase of your first home.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account","og_locale":"en_US","og_type":"article","og_title":"The FHSA: Canada\u2019s Tax-Free First Home Savings Account - NerdWallet","og_description":"The FHSA is a registered savings account that allows you to save up to $40,000 to put toward the purchase of your first home.","og_url":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account","og_site_name":"NerdWallet Canada","article_publisher":"https:\/\/www.facebook.com\/NerdWallet","article_modified_time":"2024-11-13T18:17:14+00:00","og_image":[{"width":2121,"height":1414,"url":"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/GettyImages-1326353127-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@NerdWallet","twitter_misc":{"Est. reading time":"5 minutes","Written by":"Clay Jarvis, Kurt Woock"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account","url":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account","name":"The FHSA: Canada\u2019s Tax-Free First Home Savings Account - NerdWallet","isPartOf":{"@id":"https:\/\/www.nerdwallet.com\/ca\/#website"},"datePublished":"2022-11-22T21:57:07+00:00","dateModified":"2024-11-13T18:17:14+00:00","description":"The FHSA is a registered savings account that allows you to save up to $40,000 to put toward the purchase of your first home.","breadcrumb":{"@id":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.nerdwallet.com\/ca\/"},{"@type":"ListItem","position":2,"name":"Mortgages","item":"https:\/\/www.nerdwallet.com\/ca\/mortgages"},{"@type":"ListItem","position":3,"name":"How The Tax-Free First Home Savings Account Can Help You Buy A House"}]},{"@type":"WebSite","@id":"https:\/\/www.nerdwallet.com\/ca\/#website","url":"https:\/\/www.nerdwallet.com\/ca\/","name":"NerdWallet Canada","description":"NerdWallet, make all the right money moves.","publisher":{"@id":"https:\/\/www.nerdwallet.com\/ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.nerdwallet.com\/ca\/?s={search_term_string}&submit=Search"},"query-input":"required name=search_term_string"}],"inLanguage":"en-CA"},{"@type":"Organization","@id":"https:\/\/www.nerdwallet.com\/ca\/#organization","name":"NerdWallet Canada","url":"https:\/\/www.nerdwallet.com\/ca\/","logo":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/","url":"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg","contentUrl":"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg","width":1,"height":1,"caption":"NerdWallet Canada"},"image":{"@id":"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/NerdWallet","https:\/\/twitter.com\/NerdWallet","https:\/\/www.instagram.com\/NerdWallet"]}]}},"_links":{"self":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/16264"}],"collection":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/comments?post=16264"}],"version-history":[{"count":130,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/16264\/revisions"}],"predecessor-version":[{"id":77038,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/16264\/revisions\/77038"}],"up":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/106"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/media\/16256"}],"wp:attachment":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/media?parent=16264"}],"wp:term":[{"taxonomy":"content-classification","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/content-classification?post=16264"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/topic?post=16264"},{"taxonomy":"cluster","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/cluster?post=16264"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pp_author?post=16264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}