Eligibility. You must be a resident of Canada, have reached the age of majority in your province and qualify as a first-time home buyer.
Account duration. An FHSA can remain open for up to 15 years (or until the end of the year you turn 71).
Contributions. You can contribute up to $8,000 annually, with an account maximum of $40,000. If you contribute less than $8,000 in any year, you can carry forward the unused amount to a future year—but you cannot contribute more than $16,000 in any given year.
Investments. You can hold the same types of investments allowed in an RRSP or TFSA, including mutual funds, ETFs, publicly-traded securities, fixed-income investments and GICs.
Tax treatment. Contribution amounts are deductible from taxable income for the current tax year or any future year. Assets grow tax-free, and withdrawals are tax-free.
When an FHSA isn’t used. If you don’t use your FHSA assets to buy a home, you can transfer the funds tax-free to your RRSP without affecting your RRSP contribution room. Otherwise, FHSA withdrawals are taxable as income.
This article is excerpted from the Well‑Advised Summer 2026 Newsletter and published on behalf of your financial advisor for clients residing in jurisdictions where they are registered. This material is provided solely for informational and educational purposes and is not to be construed as an offer or solicitation for the sale or purchase of any securities or as providing individual investment, tax or legal advice. Consult your professional advisor(s) prior to acting on the basis of this material. Insurance products are available through advisors registered with applicable insurance regulators. In considering any particular investment, please remember that past performance is no guarantee of future performance. Although this material has been compiled from sources believed to be reliable, we cannot guarantee its accuracy or completeness. All opinions expressed and data provided herein are subject to change without notice. Neither CI Assante Wealth Management Ltd. their affiliates or their respective officers, directors, employees or advisors are responsible in any way for any damages or losses of any kind whatsoever in respect of the use of this material. CI Assante Wealth Management is a registered business name of Assante Wealth Management (Canada) Ltd. CI Assante Wealth Management Ltd is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.
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