FHSA + HBP — both allowed?

Yes — combine FHSA (up to $40K) + HBP (up to $60K) for $100K toward home.

Withdraw without buying home?

Withdraw to RRSP tax-free (no repayment), or take as taxable income.

Transfer to RRSP tax-free, or take as income (tax owed).

Spouse have own FHSA?

Yes — each spouse can have own $40K — total $80K combined.

Investments allowed in FHSA?

Same as TFSA — stocks, ETFs, mutual funds, GICs.

FHSA First Home Savings 2027

CA FHSA: $8 000 annual / $40 000 lifetime. Tax-deductible going in, tax-free withdrawal for first home. Combines RRSP + TFSA benefits.

Annual Contribution (CAD)

Years Until First Home

Investment Growth (%)

Marginal Tax Bracket %

FHSA Value

—

Tax Rebate

—

Total Benefit

—

Annual contribution	—
Years saving	—
Total contributed	—
Future FHSA value	—
Tax-free growth	—
Income tax rebate	—
Total tax benefit	—

The First Home Savings Account (FHSA) launched April 2023 — combines the best of RRSP (tax-deductible contributions) and TFSA (tax-free withdrawals). Contribute up to $8 000/year ($40 000 lifetime) for your first home purchase.

FHSA vs RRSP HBP

Both eligible for first home. FHSA: tax deduction PLUS tax-free withdrawal, no repayment needed. RRSP HBP: tax deduction only when contributing, $60 000 withdrawal, must repay within 15 years. FHSA generally better — combine if both maxed.

Eligibility

Canadian resident, age 18+. Must be first-time home buyer — never owned home or lived in spouse's owned home in last 4 years. Open multiple FHSAs but combined limits apply. Account closes after 15 years if not used.

Contribution Rules

Limit $8 000 per year, $40 000 lifetime. Unused room carries forward up to $8 000 — so if you skip a year, you can contribute $16 000 next year. Cannot have over $8 000 ahead.

Last updated May 2026. Sources: Canada.ca FHSA.