Connect with a Wealth expert on the First Home Savings Account

The First Home Savings Account (FHSA) offers a new option for saving and investing towards a down payment on a first home. Each financial plan is unique, our team of experts can review yours to determine if an FHSA is the best approach to achieve your financial goals. 

Fill out this form and an advisor will contact you within 2-3 business days.

Frequently asked questions

You can contribute up to $8,000 per calendar year, up to a lifetime maximum of $40,000. Your contribution room starts in the year you first open an FHSA. You can carry up to $8,000 of unused room forward to the next calendar year.

Your FSHA can stay open for 15 years or until you reach 71 years of age (whichever comes first). An FHSA must also be closed by December 31 of the year after the first withdrawal is made from the account.

You can hold the same investments in your FHSA that you can hold in your RRSP or TFSA, including:

  • Cash
  • Mutual funds
  • Guaranteed investment certificates (GICs)
  • Bonds
  • Securities listed on a designated exchange in Canada or internationally
  • Exchange-traded funds (ETFs)
  • Stocks

This helpful guide explains how to open, manage and close your FHSA with ATB Wealth.

Working with an advisor isn't required for opening an FHSA, but we can help determine if it's right for you. Sometimes it makes sense to have expert guidance, depending on the complexity of your unique goals and financial situation.

No, if you own a house, you cannot open an FHSA. If you wish to help a dependent open an FHSA for themselves, you would need to transfer the funds to the dependent and the dependent would need to open the FHSA in their own name. You also cannot open an FHSA if your current spouse or common-law partner owns a house.

Yes, you can have more than one FHSA, at more than one financial institution if you wish. However, it’s your responsibility to ensure that contributions made to all of your FHSAs do not exceed the contribution limits of $8,000 per calendar year and lifetime contribution limit of $40,000.

Learn more about the First Home Savings Account

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