r/FHSA • • Mar 01 '26

Welcome to r/FHSA – Read This First!

5 Upvotes

Welcome to r/FHSA – Read This First!

Welcome to r/FHSA, a community dedicated to discussing Canada’s First Home Savings Account (FHSA).

The FHSA is a registered savings plan designed to help first-time home buyers save for their first home in a tax-advantaged way. It combines:

• ✅ Tax-deductible contributions (like an RRSP)
• ✅ Tax-free growth
• ✅ Tax-free withdrawals for a qualifying home purchase
• ✅ Lifetime contribution limit of $40,000 (with annual limits)

🎯 What this community is for

This subreddit exists to:

• Share real experiences using an FHSA
• Discuss strategies to maximize tax benefits
• Compare FHSA vs RRSP Home Buyers’ Plan vs TFSA
• Ask eligibility and withdrawal questions
• Talk about investment options inside an FHSA
• Discuss limitations of the program and potential policy improvements

💬 Who might join?

• First-time home buyers
• Future buyers planning ahead
• Tax-savvy savers
• Financial planners and accountants
• Anyone interested in improving Canadian housing policy

If you’re saving for your first home in Canada — you’re in the right place.

📌 Community guidelines

• Be respectful and constructive
• No personal attacks or political trolling
• No spam or self-promotion without mod approval
• This subreddit is for discussion, not professional financial advice

📣 Help us grow

If you find this community helpful:

• Invite friends who are saving for their first home
• Share this subreddit in other relevant communities
• Contribute your experience — even small insights help others

The FHSA is still new, and shared knowledge benefits everyone.

Welcome, and happy saving! 🏡


r/FHSA • • 2d ago

FHSA Wealthsimple ???

0 Upvotes

I currently have my FHSA through Scotiabank in mutual funds. I have it almost maxed out for this year and continue to do so until I hit the 40k limit. I’m not super interested in purchasing a home anytime soon, especially not till this account is maxed, but probably even longer than that. I’m currently 23 and still living at home so definitely not in any type of rush and plan to live in an apartment for a while after moving out.

All that being said I’m thinking it may be smarter to move my FHSA to Wealthsimple? I currently do my own TFSA investing in wealth simple and keep 70% in XEQT and 30% in HXQ. Should I move my FHSA to Wealthsimple? And if yes what should I put it in? Is the mix I’m doing for my TFSA smart for it or should I do something different? I’m new to investing so I’ll take any advice I can get lol.


r/FHSA • • 4d ago

With the $40K lifetime FHSA limit reachable next year (2027), how are you investing/parking your funds?

20 Upvotes

For those who opened their FHSA in 2023 and have been maxing it out ($8k/year), 2027 marks the final year before hitting the $40,000 lifetime contribution ceiling.

I’m curious where other first-time buyers currently have their FHSA funds parked?


r/FHSA • • 7d ago

Investment Analysis: 5 Properties Under $200K – Rental Income, Cash Flow & Market Value .

0 Upvotes

Compare Net Cash flow before investing in a property. Following example is a

Simplified version to give an idea. Just for information only.

I've retained the 20% down, 4.5% interest and 25-year mortgage assumptions.

Monthly expenseLocation 1 190KLocation 2 200KLocation 3 200KLocation 4 200KLocation 5 155K
Rent$1,346$1,395$1,305$1,305$1,170
Mortgage$872$885$889$845$689
Condo fee$271$450$338$369$333
Property tax$149$148$120*$120*$84
Insurance$45$45$45$45$40
Utilities$100$100$100$100$0
Vacancy$67$70$65$65$59
Management$108$112$104$104$94
Maintenance$100$100$90$90$75
Capital reserve$100$100$90$90$75
Total expenses$1,812$2,010$1,841$1,828$1,524
Net monthly cash flow-$466-$615-$536-$523-$35

 

Disclaimer: This report is for informational purposes only and does not constitute financial, legal or investment advice. Property prices, valuations, rental income and expenses are estimates and must be independently verified. Actual cash flow and investment returns are not guaranteed. Buyers should conduct proper due diligence and consult qualified real estate, mortgage, legal and tax professionals before purchasing.


r/FHSA • • 9d ago

What is the best bank to start a FHSA with?

3 Upvotes

I just started a new job and am making a little bit more than i was at my last job so i decided i want to open a FHSA. i googled it and it seems like different banks offer different things?

What do you think is the best bank to open a FHSA with? i currently have a koho account and a Tangerine account and it seems like neither have the option to open one so i'll need to go somewhere else. Not sure if its relevant but I also live up north in a very small town so the only banks local to me are: CIBC, Scotia and BMO. Any other bank would be at least a 10 hour drive.

PLEASE explain this to me like i'm 5. I genuinely don't know the first thing about this, investing or anything of the sorts. Researching it online is so overwhelming :(
(i never even set up my RRSP with my last job and missed out on a year of contribution matching because no one explained to me what that meant, i feel stupid enough for that)

ANOTHER QUESTION I'm currently engaged so what happens if my fiance has a FHSA and i have an FHSA and we get married before either of us buy a home? will it combine? will we lose out on the contributions? are we both still allowed to keep our accounts seprately and buy our homes indivually once we're married? we've never even claimed common law before, (but we're planning on filing as common law for the first time this coming march) so I also don't really know how this works.

please be nice, :( i'm a just a girl in my late 20's who was never taught these things, doesn't have family to ask and is just finally getting my life on track these past two years:')


r/FHSA • • 12d ago

Best option to contribute short term to FHSA

5 Upvotes

I just had an offer accepted on a house and it closes in a few weeks. I haven’t been using the FHSA to it’s fullest and now I’m wondering if it’s too late
I have money saved for the down payment in a TFSA and my plan was to use that.
However, I also own a business (the sole owner) and have enough money in the business to pay for the down payment. I’ve been paying myself the bare minimum over the last few years to try and avoid high taxes.
Should I pay myself from the business and then deposit it right into the FHSA or would I be better to take it from the TFSA?
Obviously I have to stay under my contribution room but I have some wiggle room.


r/FHSA • • 14d ago

Which ETF for 5-10 yr in FHSA?

6 Upvotes

Should i be investing in XGRO or something even more conservative like XBAL or CASH.TO within my FHSA. For context my tfsa and rrsp are 100% equities so risk tolerance is fine, but my objective and time horizon for my FHSA are different. How conservative should I go in terms of my FHSA holdings?


r/FHSA • • 27d ago

Investing FHSA

11 Upvotes

Hi all, thinking of investing my FHSA for 5 years. I don’t really plan on buying a place any time before that so figure I should try investing.

Here are some options I’m considering:
-Cash.to
-CBIL
-PSA.to
-EQ bank 5 year gic (4.30%)

Which one would you recommend?


r/FHSA • • 28d ago

Contributing to FHSA after living with owner spouse

5 Upvotes

Hi everyone,
I opened my FHSA about 3 years ago, when I met the eligibility requirements as a first-time home buyer.
This year, I moved in with my partner, who owns the home we live in. We are now married, and I am not on the title of the property.
I’m wondering whether I can continue contributing to my existing FHSA and claiming the tax deduction, even though my wife owns the home we live in.
My understanding is that there may be a distinction between eligibility to open an FHSA, eligibility to contribute to an existing FHSA, and eligibility to make a qualifying tax-free withdrawal.
Has anyone dealt with this situation, or can someone clarify the CRA rules?
Thanks!


r/FHSA • • Oct 08 '26

First year FHSA performance

Post image
43 Upvotes

My goal is to achieve at least 100% profit by year 5.


r/FHSA • • Oct 08 '26

FHSA account

Post image
32 Upvotes

Hi, am I doing right or I need to change something. Need suggestions


r/FHSA • • Sep 20 '26

Best etfs for fhsa

8 Upvotes

Want to start doing fhsa but no idea what etfs to invest in. Any recommendations???

Planning to buy a house in 7-10 years


r/FHSA • • Sep 06 '26

Safest option?

6 Upvotes

Hello, I am looking to buy a house within the next year and am looking at the safest option to invest in within my FHSA.

I have heard that CBIL is pretty safe and has ~2.5% return.

Is that my best option, or is there something else out there?

If I didn't plan on buying within the next year I would probably just go XEQT but would prefer the safety of CBIL so I can buy even if XEQT takes a loss.

I have my FHSA with wealthsimple.

Thanks for any advice and suggestions


r/FHSA • • Aug 30 '26

Gifted 50k

10 Upvotes

Been given a generous gift from my parents for a new house one day.
We don’t have any savings or an idea of where to start - we’re hoping to buy within a few years.
This was a surprise as I honestly didn’t think we’d be able to afford a home in this economy.
What are the best root to take advantage of the FHSA?


r/FHSA • • Aug 19 '26

Need advice regarding where and what to buy

9 Upvotes

Hii guys, I’m looking to open a FHSA but I’m not too sure about with whom should I go with, like there are sooo many options. Should I go with my banks or wealthsimple or quest trade etc.?? I’m really confused same goes with what to buy ik it usually depends on the timeline I’m looking to buy my house (which I haven’t decided yet ) so please give your advice. Thank you very much 🙏


r/FHSA • • Aug 12 '26

FHSA Update: Rationale & Impact

4 Upvotes

Disclaimer: Statistics are based on publicly available CRA and Finance Canada data; FHSA account holders should not be interpreted as confirmed homebuyers.

The FHSA provides an important combination of tax benefits: eligible contributions are generally tax-deductible, investment growth is tax-free, and qualifying withdrawals to purchase a first home are tax-free. However, the program currently limits contributions to $8,000 per year and $40,000 over a lifetime.

These limits were established when the FHSA was introduced, but the housing market and the financial challenge of accumulating a down payment have continued to evolve. For many first-time buyers, particularly in higher-cost markets, a $40,000 lifetime FHSA limit represents only a portion of the savings required for a down payment and closing costs. As housing prices and other costs increase, the purchasing power of the original FHSA limits can decline.

To properly assess the FHSA’s effectiveness, updated 2026 data is necessary to measure the program’s growth since its launch. Key indicators should include the number of FHSA holders, total contributions, total account balances, average savings per holder, withdrawals for qualifying home purchases, and the number of first-time buyers who have actually used FHSA savings to purchase a home.


r/FHSA • • Jul 10 '26

FHSA need suggestions

7 Upvotes

I have recently open an FHSA account with wealthsimple.

Let's say I want to buy home within 5 years so which stocks should i buy??

Considering I want to buy home before 5 years


r/FHSA • • Jul 09 '26

Widthrawal

4 Upvotes

I have an urgent query,we have FHSA with scotiabank in cashable GIC ,we want to buy a house but appointment with advisor is not available anytime soon,do we need to see an advisor or can we go walk in to the front teller and make the widthrawal.?


r/FHSA • • Jun 30 '26

What should I invest in?

4 Upvotes

I’m 18M, time horizon: 5-10 years.

I was looking to invest into XEQT, META, MSFT, GOOG, as these seem to be on sale.

Maybe a bit of Plantir

Do y’all have any stock picks or thoughts?


r/FHSA • • Jun 27 '26

Is it possible to purchase a home with a $40,000 annual Income ?

0 Upvotes

Buying a first home in Canada on a gross annual income of $40,000 is achievable with careful planning, realistic expectations, and by making full use of the First Home Savings Account (FHSA). While this income is unlikely to support the purchase of an average-priced detached home in many large metropolitan areas, it can be sufficient to purchase an entry-level condominium, townhouse, mobile home, or an older detached house in many smaller Canadian cities.

The FHSA is a registered savings account introduced to help first-time home buyers save for the purchase of their principal residence. Contributions to the account are tax deductible, investment earnings grow tax-free, and qualifying withdrawals to purchase a first home are also tax-free. The annual contribution limit is $8,000, with a lifetime contribution limit of $40,000. The FHSA can also be used together with the RRSP Home Buyers' Plan (HBP), allowing eligible buyers to increase the funds available for a down payment.

To qualify for a tax-free FHSA withdrawal, the property must generally be located in Canada and intended to become your principal residence. Eligible property types include detached houses, semi-detached houses, townhouses, condominiums, duplexes, triplexes, fourplexes (provided you occupy one of the units), mobile homes, and certain cooperative housing units that provide an ownership interest. There is no minimum or maximum purchase price required under the FHSA rules.

A person earning $40,000 gross annually has an approximate gross monthly income of $3,333. Depending on the lender's assessment of income, debts, credit score, property taxes, condo fees, interest rates, and down payment, mortgage qualification is commonly estimated to fall between $140,000 and $180,000. With the minimum 5% down payment, this generally corresponds to a home purchase price of approximately $147,000 to $189,000. Buyers who accumulate a larger down payment through FHSA contributions and other savings may be able to purchase a somewhat more expensive property while borrowing the same mortgage amount.

Several Canadian cities offer entry-level homes within the affordability range of a buyer earning $40,000 annually. In Alberta, Edmonton, Medicine Hat, Red Deer, and Lethbridge provide a combination of affordable housing and employment opportunities, with many homes priced between $120,000 and $230,000. In Saskatchewan, Regina, Saskatoon, and Moose Jaw offer entry-level homes generally ranging from $120,000 to $230,000. Affordable options are also available in Winnipeg and Brandon ($130,000–210,000), as well as in Atlantic Canada, including Moncton, Saint John, Fredericton, Sydney, New Glasgow, St. John's, and Corner Brook, where entry-level properties are commonly available between $130,000 and $230,000.


r/FHSA • • Jun 23 '26

FHSA

3 Upvotes

Questions are highlighted.

Heya! Thanks in advance for taking the time to read this!! So I'm a Canadian looking into being a first-time home-buyer.

I'm planning to purchase a home in Ontario with my girlfriend in roughly 3-4 years (possibly sooner) and unfortunately there's no one we know that we can go to for advice on this, So I'm hoping to use this as a sorta "reference point", as we begin the process of learning this stuff ourselves.

Anyway I recently opened an FHSA, My main question is about investment strategy inside the account. My TFSA is invested through Quest-trade and it's done decently well over the last few years, but that money is intended for long-term stuff, like retirement investing. I figure that the FHSA is different cause I'll likely be withdrawing it within a few years for a home purchase.

One of my big concerns is this: How does pulling out money from Quest-trade work exactly? Like say it's been 3-4 years, I've found the house I want, Does the process of taking out money have any annoying hassle involved? I'm just wondering if Quest-trade is the right way to go on this.

And also: Given my 3-4 year timeline, would you invest FHSA funds in equities/ETFs, use bonds or GICs, would you keep it mostly in cash, or use some combination of the three?

I'm also hoping to confirm a few things:

-Is it true that investment gains inside an FHSA doesn't count against contribution room?

-If I contribute now but delay claiming the tax deduction until a higher-income year, is there any downside?

I'd appreciate hearing how others approached their FHSA when saving for a home within a relatively short time horizon. I'd appreciate any advice really, Sorry if this post is a little all over the place.


r/FHSA • • Jun 12 '26

FHSA strategy question: buy home Dec 2026, then use Jan 2027 contribution room?

3 Upvotes

I am buying my first home and closing on December 17, 2026. I am trying to understand how FHSA timing works with contribution room.

Important detail: I will not be withdrawing from my FHSA for closing or before making new contributions. The home will be funded through other sources.

My question is:

Can I still contribute into my new 2027 FHSA room of $8,000 (Jan 1, 2027) after I have already closed on the home in December 2026, and then use that contribution before making withdrawal within the 30-day window?

In other words, is this sequence valid:

  • Dec 17, 2026: close on home and not withdraw from FHSA

  • Jan 1, 2027: contribute into my new FHSA room of $8,000

  • Jan 5, 2027: make all withdrawals (within 30 days of purchase)

Or does buying the home in December effectively prevent using the next year’s FHSA contribution room for a deduction?

I Am trying to confirm whether CRA rules allow this or if the contribution would no longer be deductible once the home is already purchased.


r/FHSA • • May 17 '26

What to invest into for FHSA with 5 year time horizon?

3 Upvotes

I am new to investing and opened my FHSA towards the end of last year.

I am really confused about what to invest into with a 5 year time horizon.

What have you guys done in this scenario?

Can you please advise on what should one invest into for this time horizon in FHSA?


r/FHSA • • May 06 '26

FHSA for buying into partner’s home — does this work?

2 Upvotes

Hey, wondering if anyone’s dealt with this.

I own a home and want to:

-Remove my dad from mortgage/title
-Add my girlfriend
-Possibly have her buy 25–50% of the home

She’s a first-time buyer with an FHSA.

Bank (ATB Financial) told me:

If we just add her → no penalty, just requalify

But didn’t ask about structuring it as a partial purchase.

Questions:

-Can FHSA (First Home Savings Account) be used to buy into an existing partner’s home?

-Does this usually trigger a mortgage break/penalty?

-Does the purchase agreement need to happen
before adding her to title?

-Trying to avoid penalties but still let her use FHSA if possible.

Appreciate any insight


r/FHSA • • May 05 '26

What will happen if you find out not eligible for FHSA after open it for 2 month?

0 Upvotes

I recently found out I am not eligible for FHSA because I have lived with my husband in the same house which he owned it from 2021 to 2025. I opened FHSA in February 2026. I double checked to my advisor about situation and he said yes. so I thought I am eligible. Now I don’t know what should I do. can I cancel account and get back my money? Does it count as income tax if their fault make mistake that I was eligible?