What is the maximum limit you can save in an FHSA in Canada?

The First Home Savings Account (FHSA) has an annual contribution limit of $8,000 CAD and a maximum lifetime contribution limit of $40,000 CAD.

Do you have to repay funds withdrawn from an FHSA?

No. Unlike the RRSP Home Buyers' Plan (HBP), qualifying withdrawals from an FHSA used to buy a first home are tax-free and do not need to be repaid.

Can a newcomer to Canada open an FHSA?

Yes, newcomers can open an FHSA provided they are residents of Canada for tax purposes, possess a valid Social Insurance Number (SIN), are at least 18 years old, and meet the first-time home buyer criteria.

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First-Time Home Buyer Canada: FHSA Tax Rules & GST/HST Rebate Guide

Master Canada's First Home Savings Account (FHSA) rules, compare TFSA vs RRSP options, and unlock the GST/HST rebate with this expert home buyer guide.... Read More

by Nina Crawford
June 12, 2026
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Posts tagged with: real estate tax incentives Canada.

First-Time Home Buyer Canada: FHSA Tax Rules & GST/HST Rebate Guide