Start saving towards a down payment with the tax-free First Home Savings Account

Open an FHSA ↓

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How does an FHSA work?

The First Home Savings Account (FHSA) is a tax-free 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. You must be between the ages of 18* and 71 to contribute.
  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

*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)

How do I open my FHSA?

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Open a FHSA in your online bank

Complete our secure online form to contribute to your FHSA.

Open a FHSA via our direct brokerage platform

Self-directed investor? Complete our secure online form and contribute to your FHSA via your brokerage account.

Want to talk with us?

Speak with an advisor to find a tailored solution for you.

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.

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How much can I borrow?

Calculate how much you can afford to spend on your first house mortgage.

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

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FHSA questions in mind?

Browse our help centre and find answers to your questions.

Little details that matter

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!