To open an FHSA, you must be:
- A Canadian resident
- You must be between the ages of 18* and 71 to contribute.
- 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.
- You must not have already used the FHSA for the purchase of a property
*According to the age of majority in the province of residence
- 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)