FHSA Savings Account Step up your first-home savings.

Make for your down payment the way you want, with 2.75% tax-free^* on a FHSA Savings Account, or for an even better return that's guaranteed, an FHSA GIC.

The FHSA Savings Account is not currently available in Quebec.

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A better (and faster) way to save for your first home

The EQ Bank FHSA Savings Account goes further than most other FHSAs offered by the other guys. It isn’t just for parking your savings with some tax advantages, it’s to make on your savings too. So take your hard-earned money a lot further and a lot faster, with tax-free high interest on every dollar you put towards your goal of owning a home.

FHSA GICs

If owning a home is more of a long-term goal, an FHSA GIC is a great way to take your savings even further. Explore our full range of rates and term options on our GIC page.

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What is an FHSA?

An FHSA is a tax-advantaged registered plan that lets you save for your first home. Your contributions reduce your taxable income (up to a lifetime maximum of $40,000), and you can withdraw the money—tax-free—for any qualifying home purchase¹.

Who is eligible for an FHSA?

You can open an FHSA if you:

Are a Canadian resident
Are aged 18– 71
Are a first-time homebuyer²

Why choose an EQ Bank FHSA?

Our FHSA Savings Account doesn’t just help you save for your first home, it helps you get there faster, with 2.75% tax-free interest^* on all your savings.

Take advantage of today’s contribution room

Whether you’re saving to become a homeowner soon or several years from now, a great next step is to build contribution room today. It all starts with opening our FHSA.

Sign up to get started

What are the contribution guidelines?

You can contribute up to $8,000 annually—with a lifetime contribution limit of $40,000. Any unused contribution room can carry forward to the following year up to a maximum of $8,000.

For example, if you contribute $5,000 to your FHSA in 2023, you’ll be allowed to contribute $11,000 in 2024.

Any contributions over the $8,000 annual limit (except for any unused portions from the previous year) will be penalized 1% on the highest excess amount in the month, for each month that the excess remains in your account.

circle graph of annual contribution limit of $8,000 and lifetime contribution limit of $40,000

How does an FHSA compare to a TFSA or RRSP?

The FHSA offers some of the benefits of an RRSP and a TFSA. Check it out:
Benefits	FHSA	TFSA	RRSP
Contributions are tax-deductible
Withdrawals are tax-free
Withdrawals don’t need to be paid back

How does an FHSA compare to a TFSA or RRSP?

The FHSA offers some of the benefits of an RRSP and a TFSA. Check it out:
Benefits	FHSA	TFSA	RRSP
Contributions are tax-deductible
Withdrawals are tax-free
Withdrawals don’t need to be paid back

Is our FHSA right for you?

It’s right for you if:

You’ve reached the age of majority in the province you reside.
You’re a first-time home buyer¹.
You want your savings to grow over time, with the ability to withdraw all of the funds tax-free to buy your first home.
You’re looking for an account that’s eligible for CDIC protection.
You're looking for a completely digital banking experience.

It’s not right for you if:

You’re not a first-time home buyer¹.
You’re turning 71 this year, as you can only hold and contribute to an FHSA until the year in which you turn 71.
You’re a Quebec resident.

Common questions answered

Who can open an EQ Bank FHSA?

An EQ Bank customer who has reached the age of majority in their province of residence, and who has a valid permanent Social Insurance Number (SIN) can open an EQ Bank FHSA. You must also be a first-time home buyer to open an EQ Bank FHSA (see the EQ Bank FHSA Savings Account Agreement for more details).

Exceptions:

Customers turning 71 in the year of application
Non-Canadian residents
Quebec residents

Can I open multiple FHSAs?

Can I transfer funds between an RRSP and an FHSA? What about transferring between FHSAs?

You can transfer funds in either direction between your RRSP and your FHSA without any tax consequences, as long as they are transferred directly between the financial institutions of the plans involved, and as long as the funds you add to your FHSA don’t exceed your unused FHSA contribution room. Withdrawals from an RRSP are subject to taxes.

You can also transfer funds between FHSAs without tax consequences, but it also must be a direct transfer.

How does the FHSA differ from the Home Buyers’ Plan (HBP)?

What if I don’t end up purchasing a home?

What are the spousal contribution rules?

Is the FHSA available in Quebec?

Visit our FAQ for more details about FHSA.

Why wait? Give your home ownership goal a boost today.

Join EQ Bank and start saving for your first home in minutes.

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Footnotes

Footnote *: Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

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Footnote **: The Promotion is open to Eligible Customers who deposit New Deposits into their Registered Account(s) from November 1, 2024, at 12:01 a.m. ET to February 28, 2025, at 11:59 p.m. ET (the “Promotional Period”) and hold such New Deposits in their Registered Account(s) for one year, starting March 1, 2025 (the “Hold Period”). EQ Bank will pay a cash bonus equivalent to 1% of the value the New Deposits (the “Match Bonus”) on a quarterly basis at a rate of .25% per Hold Period quarter. New Deposits held in GICs within Registered Accounts will not be eligible for the Match Bonus. Promotion may be changed, cancelled or extended at any time. Conditions apply. Please review the EQ Bank Registered Season Match Promotion Terms and Conditions for details.

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Footnote 1: To make a “qualifying withdrawal”, you must be a first-time homebuyer who is a resident of Canada, have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the year of withdrawal, and intend to occupy the qualifying home as your principal place of residence within one year of buying or building it. You must not have acquired the qualifying home more than 30 days before making the withdrawal.

You will be considered to be a "first-time home buyer” for the purposes of a qualifying withdrawal if, at any time in the calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned.

A "qualifying home" is defined as a housing unit located in Canada. This includes existing homes and those being constructed, such as single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings, but does not include a share that only provides you with a right to tenancy in the housing unit.

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Footnote 2: You will be considered to be a first-time home buyer for the purposes of opening an FHSA if, at any time in the calendar year before the account is opened or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that either (i) you owned or jointly owned; or (ii) your spouse or common-law partner (at the time the account is opened) owned or jointly owned.

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Footnote 3: The Home Buyers’ Plan is subject to certain conditions. For more information, please refer to the Canada Revenue Agency.

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Footnote: EQ Bank does not offer the following products in the province of Quebec: US Dollar Account, International Money Transfers, RSP Savings Accounts, RSP GICs, FHSA Savings Account, FHSA GICs, Business Account, Business GICs, and Notice Savings Account. Additionally, the EQ to EQ transfers feature is not available in Quebec.

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FHSA Savings Account Step up your first-home savings.

A better (and faster) way to save for your first home

FHSA GICs