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EasyWeb WebBroker U.S. Banking My Accounts My Accounts Logout Online Services EasyWeb WebBroker U.S. Banking Saving for your first home just got easier.\r\n"}}" id="text-3812184c0a" class="cmp-text">Saving for your first home just got easier.
Meet with a TD Personal Banker to open a First Home Savings Account.\r\n"}}" id="text-229fb16c19" class="cmp-text">Meet with a TD Personal Banker to open a First Home Savings Account.
Book an appointment First Home Savings Account (FHSA) The First Home Savings Account (FHSA) is a type of registered savings plan introduced by the federal government in 2022. An FHSA is designed to help you save for your first home, tax-free and help you reach your vision of owning a home faster!\r\n"}}" id="start" class="cmp-text">The First Home Savings Account (FHSA) is a type of registered savings plan introduced by the federal government in 2022. An FHSA is designed to help you save for your first home, tax-free and help you reach your vision of owning a home faster!
Play video What is a first home savings account What is an FHSA?\r\n"}}" id="text-d8b7526d72" class="cmp-text"> What is an FHSA? An FHSA combines some of the features of an RRSP and TFSA. Eligible contributions will generally be tax-deductible, and when a qualifying withdrawal is made, the amount withdrawn, including any investment earnings, is not-taxable1.\r\n"}}" id="text-38344b85cf" class="cmp-text">An FHSA combines some of the features of an RRSP and TFSA. Eligible contributions will generally be tax-deductible, and when a qualifying withdrawal is made, the amount withdrawn, including any investment earnings, is not-taxable1.
Am I eligible to open an FHSA? To open a First Home Savings Account, you must:\r\n"}}" id="text-cb57d65e3c" class="cmp-text">To open a First Home Savings Account, you must:
\r\nBe a Canadian resident\r\nBe 18 years or older2\r\nBe a first-time home buyer3\r\nHave a valid Social Insurance Number (SIN)\r\n\r\n"}}" id="text-e1cb98bf4a" class="cmp-text"> Be a Canadian resident Be 18 years or older2 Be a first-time home buyer3 Have a valid Social Insurance Number (SIN) How does an FHSA work?\r\n"}}" id="text-94c48908b6" class="cmp-text"> How does an FHSA work? \r\nAnnual contributions are capped at $8,000 up to a $40,000 lifetime contribution limit.\r\nA maximum of $8,000 unused contribution room can carry forward to the following year.\r\nThe account can stay open for a maximum 15 years4, until the end of the year you turn 71, or until the end of the year after your first qualifying withdrawal.\r\nA qualifying withdrawal can be made tax-free to purchase your first home.\r\n\r\n"}}" id="text-89bd53bbd9" class="cmp-text"> Annual contributions are capped at $8,000 up to a $40,000 lifetime contribution limit. A maximum of $8,000 unused contribution room can carry forward to the following year. The account can stay open for a maximum 15 years4, until the end of the year you turn 71, or until the end of the year after your first qualifying withdrawal. A qualifying withdrawal can be made tax-free to purchase your first home. Why should I open an FHSA with TD?\r\n"}}" id="text-d2024effab" class="cmp-text"> Why should I open an FHSA with TD? Saving for Home Ownership is EasierIndividuals may claim an income tax deduction for eligible FHSA contributions.
Flexible InvestmentsYour FHSA can hold a variety of qualified investments, including cash, Guaranteed Investment Certificates (GICs) and Mutual Funds
Personalized AdviceUsing TD Goal Builder, a TD Personal Banker can help define your investing goals and recommend products to help you move towards your dream of home ownership with confidence.
Tools to plan for your mortgageHow could saving and investing help make your home ownership goals a reality? Use our Home Ownership Calculator to find out.
FHSA vs. Other Plans\r\nHow is the FHSA different from the Home Buyers’ Plan?\r\n"}}" id="text-4fbf83a8da" class="cmp-text"> FHSA vs. Other Plans
How is the FHSA different from the Home Buyers’ Plan? With the current Home Buyers' Plan, Canadians can withdraw up to $60,000 from their RRSP subject to eligibility and conditions. The funds must be repaid to the RRSP over 15 years.
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With an FHSA, eligible withdrawals do not need to be paid back.
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With the current Home Buyers' Plan, Canadians can withdraw up to $60,000 from their RRSP subject to eligibility and conditions. The funds must be repaid to the RRSP over 15 years.
With an FHSA, eligible withdrawals do not need to be paid back.
The FHSA is a registered plan that combines some of the features of an RRSP and a TFSA to help save towards your first home!
FHSA
RRSP
TFSA
How does it help me buy a house?
Invest up to a lifetime maximum of $40,000 in eligible contributions and use them for purchasing a qualifying home.
Withdraw from your RRSP and use the amount towards your qualifying home purchase under the Home Buyers’ Plan.5 You can borrow up to $60,000 from your existing RRSP, but the borrowed funds must be paid back within 15 years.
Invest your eligible contributions and use them for a home purchase (or anything else you want). Amounts withdrawn from a TFSA create additional TFSA contribution room beginning in the year following withdrawal.
What are the contribution rules?
$8,000 is the annual contribution limit. Carry-forward rules apply.6 $40,000 lifetime contribution limit during the Maximum Participation Period.
The lesser of 18% of your previous year's earned income and the current contribution limit $33,810 for 2026, subject to certain adjustments. You can carry forward any unused contribution room from previous years.7 No lifetime contribution limit.
$7,000 is the annual contribution limit for 2026. You can carry forward unused contribution room from the year you turned 18 and were a Canadian resident for tax purposes. No lifetime contribution limit.
Who's eligible to open an account?
Canadian residents 18 years or older but not more than 71 years on December 31 of the year you open an FHSA, who have a valid Social Insurance Number (SIN) and are considered a first-time home buyer.2
Canadian residents who have a valid SIN up to the end of the year you turn 71, who have earned income and filed an income tax and benefit return. Some financial institutions may require customers to be the age of majority.
Canadian residents 18 years or older2 who have a valid SIN. There is no upper age limit to hold a TFSA, unlike an FHSA or an RRSP.
Will I get a tax deduction on eligible contributions?
Eligible contributions are tax-deductible (except on transfers into your FHSA from your RRSP, although these transfers do use up FHSA contribution room).
Eligible contributions are tax-deductible (except on transfers into your RRSP from your FHSA).
No. Contributions are not tax-deductible.
Key Advantages
Funds in the account grow tax-free when a qualifying withdrawal is made, which could mean more money for a qualifying home purchase. You may also be able to transfer funds tax-deferred from your FHSA to an RRSP or RRIF in your name.8
Funds can be used towards the purchase of a qualifying home under the HBP. Investments can grow within the plan tax-deferred.
Funds in the account grow tax-free and you can use the value of the account for anything you like, including towards the purchase of a home.
Limitations
An FHSA can only be held until December 31st of the year in which the earliest of the following occurs: the 15th anniversary of opening your first FHSA, the year you turn 71 or the year following your first qualifying withdrawal.
Non-qualifying withdrawals (not made to purchase a qualifying home) are taxable income.
Under the HBP, any RRSP withdrawal used to buy or build a qualifying home must be returned to your RRSP within 15 years and repayment generally begins in the second year after the year when you first withdrew funds. If you fail to repay the required amount within the required time frame, that amount will be considered as taxable income in that year.
Contributions made to a TFSA are not tax-deductible.
Frequently Asked Questions Can I transfer funds from my RRSP to an FHSA? \r\nYou can transfer funds from your RRSP to your FHSA on a tax-free basis. These transfers are subject to FHSA annual and lifetime contribution limits. Such transfers are not deductible from income for tax purposes.\r\nTransfers from an RRSP to an FHSA do not restore your RRSP contribution room.\r\nIn-kind transfers will not be available for TD FHSAs at this time.\r\n\r\n"}}" id="text-5fdc09677b" class="cmp-text"> You can transfer funds from your RRSP to your FHSA on a tax-free basis. These transfers are subject to FHSA annual and lifetime contribution limits. Such transfers are not deductible from income for tax purposes. Transfers from an RRSP to an FHSA do not restore your RRSP contribution room. In-kind transfers will not be available for TD FHSAs at this time. What if you don't purchase a home? \r\nFunds withdrawn from your FHSA that are not used to purchase a qualifying home are subject to income tax8.\r\nAlternatively, the balance in your FHSA not used to purchase a qualifying home could be transferred to an RRSP or RRIF (Registered Retirement Income Fund) on a non-taxable transfer basis, subject to applicable rules4.\r\nTransfers from your FHSA to your RRSP or RRIF do not impact your available RRSP contribution room.\r\nThe funds transferred to an RRSP or RRIF will be taxed upon withdrawal.\r\n\r\n"}}" id="text-ff7bb7114b" class="cmp-text"> Funds withdrawn from your FHSA that are not used to purchase a qualifying home are subject to income tax8. Alternatively, the balance in your FHSA not used to purchase a qualifying home could be transferred to an RRSP or RRIF (Registered Retirement Income Fund) on a non-taxable transfer basis, subject to applicable rules4. Transfers from your FHSA to your RRSP or RRIF do not impact your available RRSP contribution room. The funds transferred to an RRSP or RRIF will be taxed upon withdrawal. What is a qualifying withdrawal? \r\nYou must be a first-time homebuyer for the purposes of making a withdrawal9 and a resident of Canada at the time of the withdrawal for the acquisition of your qualifying home.\r\nA "qualifying home" is defined as a housing unit located in Canada. It also includes a share of the capital stock of a cooperative housing corporation, where the holder of the share is entitled to possession of a housing unit located in Canada.\r\nYou must have a written agreement to buy or build a qualifying home located in Canada before October 1 of the year following the year of withdrawal.\r\nYou must also intend to occupy the qualifying home as your principal place of residence within one year of buying or building it.\r\nYou must not have acquired the qualifying home more than 30 days before making the withdrawal.\r\nForm RC725 - Request to Make a Qualifying Withdrawal from your FHSA must be completed and provided to the FHSA issuer.\r\n\r\n"}}" id="text-ed26662a81" class="cmp-text"> You must be a first-time homebuyer for the purposes of making a withdrawal9 and a resident of Canada at the time of the withdrawal for the acquisition of your qualifying home. A "qualifying home" is defined as a housing unit located in Canada. It also includes a share of the capital stock of a cooperative housing corporation, where the holder of the share is entitled to possession of a housing unit located in Canada. You must have a written agreement to buy or build a qualifying home located in Canada before October 1 of the year following the year of withdrawal. You must also intend to occupy the qualifying home as your principal place of residence within one year of buying or building it. You must not have acquired the qualifying home more than 30 days before making the withdrawal. Form RC725 - Request to Make a Qualifying Withdrawal from your FHSA must be completed and provided to the FHSA issuer. How do I open an FHSA in Canada? \r\nYou can open a TD FHSA at your local branch with a TD Personal Banker, or online through TD Direct Investing.\r\nMake an appointment with a TD Personal Banker and they will help you open and setup your TD First Home Savings Account. \r\nYour TD Personal Banker can also provide financial advice based on your home buying goals so you can potentially own a home sooner.\r\n\r\n"}}" id="text-d581a27a73" class="cmp-text"> You can open a TD FHSA at your local branch with a TD Personal Banker, or online through TD Direct Investing. Make an appointment with a TD Personal Banker and they will help you open and setup your TD First Home Savings Account. Your TD Personal Banker can also provide financial advice based on your home buying goals so you can potentially own a home sooner. Can I carry forward my un-used FHSA contribution to future years? Yes, you can carry forward unused contribution room, but it only begins to accumulate after you open your FHSA for the first time. Unused contribution room can be carried forward to future years, up to the annual limit of $8,000 and a lifetime maximum of $40,000, giving you flexibility to save for your first home at your own pace.\r\n"}}" id="text-a1bc0e48e8" class="cmp-text">Yes, you can carry forward unused contribution room, but it only begins to accumulate after you open your FHSA for the first time. Unused contribution room can be carried forward to future years, up to the annual limit of $8,000 and a lifetime maximum of $40,000, giving you flexibility to save for your first home at your own pace.
Could I have more than one FHSA? Yes, you can open multiple First Home Savings Accounts (FHSAs), but your total FHSA contribution room remains the same as if you had a single account. The 15-year maximum participation period is determined by the date you open your first FHSA, meaning all your accounts follow the same timeline for contributions and withdrawals.\r\n"}}" id="text-c6e0df9ad8" class="cmp-text">Yes, you can open multiple First Home Savings Accounts (FHSAs), but your total FHSA contribution room remains the same as if you had a single account. The 15-year maximum participation period is determined by the date you open your first FHSA, meaning all your accounts follow the same timeline for contributions and withdrawals.
Home Ownership CalculatorUse the Home Ownership Calculator to compare your current expenses with your future homeownership costs so you could turn your dream of owning a home into reality.
Calculate now Articles and tips to help you get startedLearn how the Home Buyers’ Plan also helps eligible Canadians use their RRSP to purchase their first home.
What’s the difference between a FHSA, a TFSA and an RRSP?
Here’s a quick explainer to help you understand how FHSA differs from TFSA and RRSP.
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2 In certain provinces and territories, the legal age at which an individual can enter into a contract including opening a FHSA is 19. You must be at the age of majority in your province of residence and provide a valid Social Insurance Number (SIN). FHSA cannot be opened after the end of the year you turn 71.\r\n"}}" id="02" class="cmp-text">2 In certain provinces and territories, the legal age at which an individual can enter into a contract including opening a FHSA is 19. You must be at the age of majority in your province of residence and provide a valid Social Insurance Number (SIN). FHSA cannot be opened after the end of the year you turn 71.
3 An individual is considered to be a first-time home buyer for purposes of opening an FHSA, if at any time in the part of the calendar year before the account is opened or at any time in the preceding four years they did not live in a qualifying home (or what would be a qualifying home if located in Canada) that either (i) they owned or jointly owned, or (ii) their spouse or common-law partner or jointly owned (if they have a spouse or common-law partner at the time the account is opened).\r\n"}}" id="03" class="cmp-text">3 An individual is considered to be a first-time home buyer for purposes of opening an FHSA, if at any time in the part of the calendar year before the account is opened or at any time in the preceding four years they did not live in a qualifying home (or what would be a qualifying home if located in Canada) that either (i) they owned or jointly owned, or (ii) their spouse or common-law partner or jointly owned (if they have a spouse or common-law partner at the time the account is opened).
4 Based on the date on which the first FHSA is opened.\r\n"}}" id="04" class="cmp-text">4 Based on the date on which the first FHSA is opened.
5 Certain conditions must be met in order to be eligible to participate in the HBP, including the following: you must be considered a first-time home buyer you must have a written agreement to buy or build a qualifying home, either for yourself or for a related person with a disability; you must be a resident of Canada when you withdraw funds from your RRSPs under the HBP and up to the time a qualifying home is bought or built; you must intend to occupy the qualifying home as your principal place of residence within one year after buying or building it. If you help a related person with a disability to buy or build a qualifying home, you must intend that the related person with a disability occupies the qualifying home as their principal place of residence. In all cases, if you have previously participated in the HBP, you may be able to do so again if your repayable HBP balance on January 1st of the year of the withdrawal is zero and you meet all the other HBP eligibility conditions. \r\nA qualifying home under the HBP is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess and gives you an equity interest in a housing unit located in Canada, also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify. For condominium units, you are considered to own the unit the day you are entitled to immediate vacant possession of it.
\r\n"}}" id="05" class="cmp-text">5 Certain conditions must be met in order to be eligible to participate in the HBP, including the following: you must be considered a first-time home buyer you must have a written agreement to buy or build a qualifying home, either for yourself or for a related person with a disability; you must be a resident of Canada when you withdraw funds from your RRSPs under the HBP and up to the time a qualifying home is bought or built; you must intend to occupy the qualifying home as your principal place of residence within one year after buying or building it. If you help a related person with a disability to buy or build a qualifying home, you must intend that the related person with a disability occupies the qualifying home as their principal place of residence. In all cases, if you have previously participated in the HBP, you may be able to do so again if your repayable HBP balance on January 1st of the year of the withdrawal is zero and you meet all the other HBP eligibility conditions.
A qualifying home under the HBP is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess and gives you an equity interest in a housing unit located in Canada, also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify. For condominium units, you are considered to own the unit the day you are entitled to immediate vacant possession of it.
6 You can carry forward your unused FHSA participation room at the end of the year, up to a maximum of $8,000, to use in the following year. This amount is referred to as your FHSA carryforward. Any FHSA carryforward will be included in the calculation of your FHSA participation room for the year.\r\n"}}" id="06" class="cmp-text">6 You can carry forward your unused FHSA participation room at the end of the year, up to a maximum of $8,000, to use in the following year. This amount is referred to as your FHSA carryforward. Any FHSA carryforward will be included in the calculation of your FHSA participation room for the year.
7 The CRA calculates your annual contribution limits based on unused RRSP deduction room at the end of the preceding year plus the lesser of 18% of your earned income in the previous year OR the annual RRSP limit and other adjustments, where applicable. This can be found on the bottom of your latest Notice of Assessment or Reassessment or CRA MyAccount.\r\n"}}" id="07" class="cmp-text">7 The CRA calculates your annual contribution limits based on unused RRSP deduction room at the end of the preceding year plus the lesser of 18% of your earned income in the previous year OR the annual RRSP limit and other adjustments, where applicable. This can be found on the bottom of your latest Notice of Assessment or Reassessment or CRA MyAccount.
8 Each registered plan has different eligibility criteria, features and tax implications. For detailed tax information please speak to a tax advisor.\r\n"}}" id="08" class="cmp-text">8 Each registered plan has different eligibility criteria, features and tax implications. For detailed tax information please speak to a tax advisor.
9 You must be a first-time home buyer for the purposes of making a withdrawal. This means you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned at any time in the current calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or the previous 4 calendar years.\r\n"}}" id="09" class="cmp-text">9 You must be a first-time home buyer for the purposes of making a withdrawal. This means you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned at any time in the current calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or the previous 4 calendar years.
Information contained herein is for informational purposes only and based on current tax legislations as of the date of drafting. Tax rules are subject to change.\r\n"}}" id="text-4df485a9d4" class="cmp-text">Information contained herein is for informational purposes only and based on current tax legislations as of the date of drafting. Tax rules are subject to change.
TD Mutual Funds and the TD Managed Assets Program Portfolios are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion Bank, and available through authorized dealers.\r\nTD Bank Group means The Toronto-Dominion Bank and its affiliates, who provide deposit, investment, loan, securities, trust, insurance and other products or services.
\r\nMutual Fund Representatives with TD Investment Services Inc. distribute mutual funds at TD Canada Trust.
\r\n®The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries
\r\n"}}" id="text-ab00e2912c" class="cmp-text">TD Mutual Funds and the TD Managed Assets Program Portfolios are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion Bank, and available through authorized dealers.
TD Bank Group means The Toronto-Dominion Bank and its affiliates, who provide deposit, investment, loan, securities, trust, insurance and other products or services.
Mutual Fund Representatives with TD Investment Services Inc. distribute mutual funds at TD Canada Trust.
®The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries
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- Discover how the FHSA can help Canadians save for their first home, tax-free. Learn about eligibility, contribution limits, and key benefits. Speak to a TD Personal Banker today!