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Open a First Home Savings Account and you could win $8,000.

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Contest details

No purchase necessary

How does an FHSA work?

The Tax-Free First Home Savings Account is a savings account meant for home purchases. It's a new registered plan that allows first-time homebuyers to contribute up to $8,000 per year, with a lifetime limit of $40,000.

Why is the FHSA the right account for me?

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Because it can help you buy your first home

The FHSA is a new registered account that will provide you tax-free savings for the purchase of a first home.

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Because you’ll pay less taxes

Your contributions made to an FHSA are tax deductible, which reduces your taxable income for the current year.

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Because your FHSA contributions aren’t limited to a down payment

If you decide to use this amount for something other than a home, you can transfer the money to an RRSP or RRIF without affecting your contribution room.

The FHSA explained in less than 1 minute

50 seconds    Read the transcript

The brand-new First Home Savings Account (FHSA) is now available at National Bank. Discover its various benefits.

To open an FHSA, you must be:

  1. A Canadian resident
  2. The age of majority, either 18 or 19, depending on the province*, and under 71 years old
  3. A "first time homebuyer" i.e., you and your current spouse or common-law partner must not have owned a home that you lived in as your principal place of residence, at any point during the portion of the calendar year before the account was opened and in the 4 preceding calendar years.
  4. You must not have already used the FHSA for the purchase of a property

*The age of majority per province:

  • 18 years old (Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island)
  • 19 years old (British Columbia, New Brunswick, Newfoundland and Labrador, Nova Scotia, Yukon, Nunavut, Northwest Territories)

The FHSA in numbers

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Up to $8,000/year and lifetime limit of $40,000

FHSA contributions can be up to $8,000 a year with a lifetime limit of $40,000.

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A 15 year lifespan

The FHSA has a lifespan of 15 years. After that time, the funds must be transferred to an RRSP or RRIF.

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Tax-free income

Income and gains generated with your FHSA contributions are tax-free.

Ready to open a FHSA?

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Consider the FHSA for your tax strategy

Are you saving up for your first home and want to take advantage of the tax benefits offered by the FHSA? We're here to answer your questions.

FHSA vs HBP: What are the main differences?

What is the difference between a FHSA and a HBP? And which one should you choose? It depends on your savings goals, as well as your financial and tax situation.


The Tax-Free First Home Savings Account is a new registered account that provides tax-free savings for first-time home buyers.

  • No repayment required

  • No withdrawal limit

  • Maximum annual contributions of $8,000 and a lifetime total of $40,000

  • No minimum holding period required for contributions to be deductible and eligible for withdrawal

  • The deadline for contributions to a FHSA is December 31 of each year


The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your RRSP to buy or build a first home.

  • Repayment required

  • Withdrawal limit of $35,000

  • Maximum annual contributions of the RRSP, which is 18% of your previous year’s income or the current fixed contribution limit

  • The money must be deposited into your RRSP 90 days before you withdraw it under the HBP

  • Deadline for RRSP contributions: 60 days after the end of the year

Good to know

You can combine the FHSA and the HBP.

Other tax-sheltered plans

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Grow your savings and reduce your annual taxable income for the year you contribute.

Discover the RRSP

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Protect your interest from taxes and access your funds whenever you want.

Discover the TFSA 

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Save for your children’s education and receive up to $12,800 in government grants.

Discover the RESP

Explore all our savings plans and learn how they differ from investments.

We’re here for you

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Let’s chat FHSA

Let’s find the best investment solution for you today.

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Find a branch

Find a National Bank branch closest to home.

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FHSA questions in mind?

Browse our help centre and find answers to your questions.

Little details that matter


“Open a FHSA and you could win $8,000” 


Contest Rules 



National Bank of Canada is the organizer of the “Open a FHSA and you could win $8,000" contest. The contest is held in Canada from April 17, 2023, to July 31, 2023, at 11:59 p.m. ET. 



You can enter the contest if: 

  • You are a resident of Canada. 

  • You have reached the age of majority in your place of residence when you enter the contest. 


This contest is not open to employees of National Bank of Canada, mandataries, or representatives of the Contest Organizer or its subsidiaries, advertising and promotion agencies, suppliers of prizes and services related to this contest, members of their respective immediate family (siblings, children, parents), common-law or legal spouses or any persons residing with these employees, mandataries, or representatives. 


3. HOW TO ENTER       

During the contest period, you can enter the contest in either of the following ways:


3.1. By opening a FHSA with National Bank  

3.1.1 You can obtain one (1) contest entry by opening a FHSA offered by National Bank of Canada during the contest period, from April 17, 2023 to July 31, 2023, regardless of the number of single contributions made. 

Subject to your compliance with these contest rules, we will use your personal information (first and last name, telephone number [including area code], street address [including postal code] and email address). This information will be entered in the database used for the contest in order to grant you a contest entry. 


3.2. No purchase necessary 

You may enter the contest without making a single contribution or setting up a recurring contribution. 

To enter the contest this way, you must: 

Send us an email of at least 50 words explaining why you would like to win $8,000. 

Include the following personal information: your first and last name, age, full street address (including postal code), phone number (including area code), and email address. 


Send your email no later than July 31, 2023. Your email must be sent to: nbccontests@nbc.ca  

In the subject line of the email, write “Open a FHSA and you could win $8,000” contest 


When we receive your email with all the required information, we will enter the personal information you provided to us (first and last name, telephone number [including area code], street address [including postal code], and email address) in the database we use for the contest. You will obtain a maximum of one (1) contest entry. 


The entries thus obtained are subject to the same eligibility criteria applicable as those obtained by making a single contribution online. 



By opening a FHSA (3.1) there is a limit of one (1) contest entry per person, during the contest period. By entering without a purchase (3.2), there is a limit of one (1) contest entry per person, during the contest period. 



A total of one (1) prize of CDN $8,000 is available to be won during the contest.  

If you are one of our clients, we will award you the prize in the form of a deposit to your National Bank of Canada bank account. The prize cannot be deposited to a joint account, a FHSA, a TFSA, a RESP or a RRSP. You can then transfer the prize amount to your FHSA subsequently.  


If you do not have a bank account with National Bank of Canada when the prize is awarded, you will receive the prize in the form of a cheque in your name. 


6. DRAW 

The draw will be held on November 1, 2023, at 11:00 a.m., at our offices located at: 

National Bank of Canada 

600 De La Gauchetière West, 19th Floor 

Montreal, Quebec H3B 4L2 

We will randomly draw one (1) eligible entry. The draw will be held from all eligible entries received and registered during the contest period. 



The odds that your entry will be randomly selected depend on the number of eligible entries received and registered during the contest period. 




8.1. Your contest entry may be selected during the draw. However, before being declared a winner, you must: 

Be contacted by us within 5 days of the draw. 

Correctly answer a timed, mathematical skill-testing question without assistance. We will ask you this question over the phone at a time agreed upon in advance. 

Complete and return the declaration and liability waiver form within 5 days of receiving it from us. 


8.2. By signing the waiver, you agree to the following: 

- The prize will be as it is described in these contest rules. 

- You cannot transfer the prize to another person or replace it with another prize. 

- We have permission to use your full name, photograph, image, statements about the prize, place of residence, or voice for publicity purposes. You will not be compensated for the use of any of these.  

We are not liable for any damage you may incur as result of the acceptance or use of your prize, in particular any tax impact. You also release our subsidiaries, advertising and promotional agencies, suppliers of materials and services related to this contest, as well as their employees, agents, and representatives from any liability. 


8.3. Within ten (10) days of receiving your declaration form, we will contact you again with information about how you will receive your prize. 


8.4. If you do not meet these conditions, or any other condition outlined in the contest rules, you will be disqualified. If time permits, we may select another eligible entry until a winner is declared. Unclaimed prizes may be withdrawn. 




9.1. For residents of Quebec, all our decisions regarding this contest are final and without appeal, subject to any decision by the Régie des alcools, des courses et des jeux du Québec on any matter over which it has jurisdiction. 


9.2. You also release our subsidiaries, advertising and promotional agencies, suppliers of materials and services related to this contest, as well as our employees, agents, and representatives from any liability related to:  


  • Your entry or attempted entry in the contest. 

  • Damage caused by downloading a webpage or software and transmission of information for the purposes of entering the contest. 

  • Any inability or limited ability to enter the contest due to a malfunction of any computer hardware, software, or communication line, a loss or absence of a network communication, or any faulty, incomplete, incomprehensible, or deleted transmission by a computer or network. 


9.3. We in no way guarantee that the contest website will be accessible or functional without interruption during the entire contest period or that it will be free of error. 


9.4. During the contest period, our computer system may not be able to register all entries submitted. The winner will be selected from entries that were registered only. Entry in the contest may be ended prior to the date set out in these contest rules. In this case, a winner can be selected from the entries received and registered prior to the date of the event that ended participation in the contest. 


9.5. No-purchase write-in entries and waiver forms are our property. They will not be returned to you. 


9.6. We will not contact you about the contest except as described in the contest rules or at our discretion. 


9.7. For residents of Quebec, any dispute with respect to the conduct or organization of a publicity contest may be submitted to the Régie des alcools, des courses et des jeux du Québec for a ruling. Any dispute with respect to the awarding of a prize may be submitted to the Régie solely for the purpose of helping the parties reach a settlement. 


9.8. Some of your personal information will be used for the purposes of the contest.

By entering the contest, you agree to the use of your personal information at the time you enter the contest or receive a prize. 




10.1. We may verify eligible entries, write-in entries, and waivers. We may reject entries, no-purchase write-in entries, and waivers if incomplete, fraudulent, late, or for any other reason. Rejected entries and waivers are not valid entries and do not entitle participants to a prize. 


10.2. We reserve the right to disqualify or cancel any of your entries if you participate or attempt to participate in a manner contrary to these contest rules or that is unfair to the other participants (e.g., hacking, submitting more entries than the permitted number, etc.). We may forward your case to the competent legal authorities.  


10.3. Any attempt to deliberately sabotage any website related to the contest or to hamper the legitimate conduct of the contest is a violation of civil and criminal law. In the event of such an attempt, we reserve the right to reject your entry and seek recourse under the law. 


10.4. Subject to approval, if required, from the Régie des alcools, des courses et des jeux du Québec, for residents of Quebec, we always reserve the right, at our sole discretion, to cancel, terminate, modify, or suspend this contest, in whole or in part, if any event or human intervention occurs that could corrupt or affect the administration, security, impartiality, or conduct of the contest. Under no circumstances will we be required to award more prizes than provided or to award prizes other than set out in these rules. 




11.1.  The participant is defined by these rules as the person identified when the FHSA account opening is made or in the participation email without purchase, as applicable. The prize will be awarded to that person if they are selected and declared a winner. 


11.2.  If one of the provisions of these rules were to be declared unlawful, inapplicable, or invalid by a court of competent jurisdiction, this provision will be deemed invalid. However, the provisions that are unaffected by this judgment will remain in effect. 


11.3.  In the case of discrepancies between the English and French versions of the contest rules, the French version will be considered correct.

This just in: The First Home

Savings Account (or FHSA) is good news for first-time homebuyers.

The FHSA combines the features of a TFSA and RRSP, making it easier to save for a first down payment. 

Everything you put into your FHSA reduces your taxable income. 

Any money you earn is tax-free.

All the savings you take out to buy your home don’t need to be paid back.  

And you can contribute up to $8,000 each year, up to a max of $40,000 in total. 

So talk to a specialist about opening an FHSA... 

...and start saving for your first home – tax-free. 

You have nothing to lose and everything to gain. 

Open your FHSA with National Bank today!