First Home Savings Account (FHSA)

With 1.50% interest,^* your first home is just around the corner.

The EQ Bank FHSA is not currently available in Quebec.

man and woman sitting on the floor, enjoying a meal together as they move into their first home

What is an FHSA?

An FHSA is a tax-advantaged registered plan designed to help you save for your first home. Your contributions reduce your taxable income, and you can withdraw the money—tax-free—for any qualifying home purchase.

Two ways for your investment to grow

Earn 1.50%^* towards your first home

Grow your savings into a down payment for your first home with this high-interest option.

FHSA GICs

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FHSA by the numbers

$8,000 Annual FHSA contribution limit
$0 How much you’ll pay in taxes on FHSA earnings
$40,000 Total lifetime contribution limit

How the FHSA Account works

FHSA contributions reduce your taxable income for that year. You can hold an FHSA for a maximum of 15 years, over which time you can contribute a maximum of $40,000. Any unused room can be carried forward to the following year, up to a maximum of $8,000.

For example, if you contributed $5,000 before the deadline of December 31, 2025, you’ll be allowed to contribute $11,000 in 2026.

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.

Notre Compte d’épargne CELIAPP vous convient-il?

Il vous convient si :

Vous avez atteint l’âge de la majorité dans la province où vous résidez.
Vous comptez acheter votre première maison.¹
Vous voulez faire fructifier vos économies au fil du temps et pouvoir retirer tout le solde libre d’impôt pour acheter votre première maison.
Vous cherchez un compte admissible à la protection de la Société d’assurance-dépôts du Canada.
Vous cherchez une expérience bancaire entièrement numérique.

Il ne vous convient pas si :

Vous ne comptez pas acheter votre première maison.¹
Vous fêtez votre 71^e anniversaire cette année, car vous pouvez conserver un CELIAPP et y cotiser seulement jusqu’à l’année de votre 71^e anniversaire.
Vous habitez au Québec.

Saving for your first home—FHSA, RRSP, or TFSA?

Account Details	FHSA	RRSP	TFSA
How does it help in purchasing a first home?	Use eligible contributions to purchase a qualifying home.	Withdraw up to $60,000 for a qualifying home purchase under the Home Buyers’ Plan.³ Borrowed funds must be repaid within 15 years.	Invest contributions for a home purchase or any other purpose. Withdrawals create new contribution room for future use.
Contribution limits	$8,000 annual, $40,000 lifetime.	18% of previous year's income or $32,490 (2025), whichever is lower. No lifetime limit.	$7,000 annual. No lifetime limit.
Eligibility	Canadian residents aged 18-71, first-time home buyers.²	Canadian residents under 71 with earned income.	Canadian residents aged 18+.
Tax benefit	Contributions are tax-deductible.	Contributions are tax-deductible.	Contributions are not tax-deductible, but withdrawals are tax-free.
Withdrawals	Tax-free if used for a qualifying home purchase. Non-qualifying withdrawals are taxable.	Up to $60,000 can be withdrawn for a home.³ Must be repaid within 15 years.	Funds can be used for anything, including buying a home. Withdrawal creates new contribution room.
		Explore RRSP	Explore TFSA

FHSA	Account Details
How does it help in purchasing a first home?	Use eligible contributions to purchase a qualifying home.
Contribution limits	$8,000 annual, $40,000 lifetime.
Eligibility	Canadian residents aged 18-71, first-time home buyers².
Tax benefit	Contributions are tax-deductible.
If you're saving for...	Tax-free if used for a qualifying home purchase. Non-qualifying withdrawals are taxable.

RRSP	Account Details
How does it help in purchasing a first home?	Withdraw up to $60,000 for a qualifying home purchase under the Home Buyers’ Plan³. Borrowed funds must be repaid within 15 years.
Contribution limits	18% of previous year's income or $32,490 (2025), whichever is lower. No lifetime limit.
Eligibility	Canadian residents under 71 with earned income.
Tax benefit	Contributions are tax-deductible.
Withdrawals	Up to $60,000 can be withdrawn for a home³. Must be repaid within 15 years.
Explore RRSP

TFSA	Account Details
How does it help in purchasing a first home?	Invest contributions for a home purchase or any other purpose. Withdrawals create new contribution room for future use.
Contribution limits	$7,000 annual. No lifetime limit.
Eligibility	Canadian residents aged 18+.
Tax benefit	Contributions are not tax-deductible, but withdrawals are tax-free.
Withdrawals	Funds can be used for anything, including buying a home. Withdrawal creates new contribution room.
Explore TFSA

Common questions answered

Visit our FAQ for more details about our FHSAs.

Can I open multiple FHSAs?

You can open multiple FHSAs across different financial institutions, but the total contribution amount to all FHSAs can’t exceed the annual and lifetime contribution limits.

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)?

The HBP allows you to borrow up to $60,000 from your RRSP tax-free, subject to eligibility and conditions, but it must be paid back within 15 years. With an FHSA, you can contribute a lifetime maximum of $40,000 and qualifying withdrawals are also tax-free—however, they don’t need to be repaid.

You can contribute to both an HBP and FHSA.

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

If you don’t use the money in your FHSA within 15 years of opening the account (or by the end of the year you turn 71), you can transfer it—tax-free—to an RRSP or RRIF. You can also withdraw it, but you will be taxed on the amount you withdraw.

What are the spousal contribution rules?

You and your spouse can each open your own FHSA. As long as you’re both first-time homebuyers, you can both use your accounts to buy the same home. As a couple, your annual combined contribution room would be $16,000 ($8,000 x 2), with a lifetime maximum of $80,000 ($40,000 x 2). Spouses cannot contribute to each other’s FHSAs.

Is the FHSA available in Quebec?

Unfortunately, the FHSA Savings Account and FHSA GICs are not currently available in the province of Quebec.

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

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

Get started by opening a Savings Plus Account

Illustration of young woman working on her laptop sitting on top of an outline of a house.

Footnotes

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

^{Return to footnote * referrer}
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.

^{Return to footnote 1 referrer}
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.

^{Return to footnote 2 referrer}
Footnote 3: The Home Buyers’ Plan is subject to certain conditions. For more information, please refer to the Canada Revenue Agency.

^{Return to footnote 3 referrer}
Footnote: EQ Bank does not offer the following products in the province of Quebec: US Dollar Account, International Money Transfers, RRSP Cash Savings Account, RRSP GICs, FHSA Cash Savings Account, FHSA GICs, Notice Savings Account, Business Account, and Business GICs. Additionally, the EQ to EQ transfers feature is not available in Quebec.

^{Return to footnote referrer}

With 1.50% interest,^* your first home is just around the corner.

What is an FHSA?

Two ways for your investment to grow

Earn 1.50%^* towards your first home

FHSA GICs

FHSA by the numbers

How the FHSA Account works

Notre Compte d’épargne CELIAPP vous convient-il?

Saving for your first home—FHSA, RRSP, or TFSA?

Saving for your first home—FHSA, RRSP, or TFSA?

Common questions answered

Can I open multiple FHSAs?

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

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?

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

About Us

Resources

Accounts

With 1.50% interest,* your first home is just around the corner.

What is an FHSA?

Two ways for your investment to grow

Earn 1.50%* towards your first home

FHSA GICs

FHSA by the numbers

How the FHSA Account works

Notre Compte d’épargne CELIAPP vous convient-il?

Saving for your first home—FHSA, RRSP, or TFSA?

Saving for your first home—FHSA, RRSP, or TFSA?

Common questions answered

Can I open multiple FHSAs?

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

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?

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

About Us

Resources

Accounts

Social

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With 1.50% interest,^* your first home is just around the corner.

Earn 1.50%^* towards your first home