First Home Savings Account (FHSA)

Saving for your first home? A First Home Savings Account is a great way of investing towards that goal.

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What is the First Home Savings Account

The First Home Savings Account, often referred to as the FHSA, is a tool to help you save money for your first home. 

It takes the best aspects of the TFSA and RRSP → you save taxes when you put money into the FHSA, and you don’t owe more tax when you use it to purchase a home!

As it is a registered product (just like the TFSA or RRSP), the rules and limits are set by the Government, not PenFinancial.

Some of the main highlights include:

Investment Limits

Save up to $8,000 per year, and $40,000 lifetime into your FHSA.

Important: Unlike the TFSA and RRSP, limits for your FHSA dont begin accruing until your FHSA is opened, so be sure to contact us today!


Dont end up buying a home with your FHSA money? No worries, easily transfer the funds into an RRSP without any tax implications.

Should you not end up buying a home with your FHSA and dont want to transfer the funds to an RRSP, you can withdrawal the funds which are then added to your income for that year.

How it works

When you deposit up to $8,000 per year into your FHSA, that money is deducted from your taxable income that year, allowing you to save more money for your home.

When you purchase your home and use your FHSA funds towards the home, the money isnt added back on your income – truly a win-win!

Investment Options

Invest in a Savings account, GICs, or a variety of our wealth products like Mutual Funds.

We recommend booking an appointment with a highly qualified Aviso Wealth or Aviso Financial Inc. advisor to help determine what investment is right for you based on your time horizon, risk tolerance, etc.

Book a meeting with a qualified advisor today!

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First Home Savings Account brochure

Your Guide to Understanding the FHSA

Get your hands on this useful brochure packed with valuable information about the First Home Savings Account, in accordance with the latest legislation effective from April 2023. And don’t hesitate to reach out to a knowledgeable PenFinancial Advisor today to get answers to any questions you may have about a FHSA.

Download the FHSA brochure →

Open your FHSA today

To learn more and open your FHSA, book an appointment online or fill out this form.


Note †Online brokerage services are offered through Qtrade Direct Investing. Mutual funds and other securities are offered through Aviso Wealth. Qtrade Direct Investing, Qtrade Guided Portfolios and Aviso Wealth are divisions of Aviso Financial Inc.
Unless otherwise stated, mutual funds and other securities are not insured nor guaranteed, their values change frequently and past performance may not be repeated. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.

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