First Home Savings Account (FHSA)

FHSA (First Home Savings Account)

Save for Your First Home, Tax-Deductible and Tax-Free

FHSA (First Home Savings Account)

Save for Your First Home, Tax-Deductible and Tax-Free

A First Home Savings Account combines the best parts of an RRSP and a TFSA, built specifically for first-time homebuyers. SMG Solutions helps you open an FHSA account, contribute up to the annual FHSA contribution limit of $8,000, and claim a tax deduction while your savings grow tax-free toward your first home purchase in Canada.

What Your FHSA Offers

Tax-Deductible Contributions

Tax-deductible contributions up to $8,000 per year

Lifetime Limit

Lifetime FHSA contribution limit of $40,000

Tax-Free Withdrawals

Tax-free withdrawals when you buy a qualifying first home

Contribution Carryforward

Unused contribution room carried forward to future years

Penalty-Free Transfers

Penalty-free transfers to your RRSP if you do not buy a home

Understand FHSA vs RRSP Before You Choose

Wondering how an FHSA compares to a Home Buyers’ Plan withdrawal from your RRSP? Our advisors walk through FHSA vs RRSP scenarios, confirm your eligibility as a first-time homebuyer, and help you choose the best FHSA account in Canada for your savings timeline and down payment goal. We also explain how FHSA contributions interact with your RRSP and TFSA limits, so your overall savings strategy stays fully optimized.

Start Saving for Your First Home

Every year you delay is contribution room and tax savings you cannot recover. Contact SMG Solutions today for a free FHSA consultation and take a real step toward owning your first home.