Unlocking home ownership

How the First Home Savings Account (FHSA) can help you achieve your dream

We understand the challenges that come with saving for your first home. With real estate prices soaring and economic uncertainties, the dream of home ownership can feel out of reach. But there’s good news! The First Home Savings Account (FHSA) is here to help you turn that dream into reality.

What is the FHSA?

Introduced in April 2023, the FHSA is a powerful savings tool designed specifically for first-time home buyers.¹ It combines the best features of the Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP), offering tax-deductible contributions and tax-free growth.

 

Key benefits

 

 

	Why now is the time to start saving With the cost of home ownership rising, it’s crucial to start saving early. The FHSA offers a unique opportunity to build your savings efficiently. Even if you don’t use the funds for a home purchase, you can transfer them to your RRSP or RRIF without penalties.
	Real-life impact Imagine contributing the maximum amount each year for five years. With an 8 per cent annual return, your account could grow to over $50,000. While this may not cover the entire down payment in high-cost markets, it’s a significant step towards achieving your goal.
	Join the growing community Since its launch, the FHSA has seen tremendous uptake, especially among younger and lower-income Canadians. Over 725,000 accounts have been opened, demonstrating the program’s appeal and potential.3

 

The FHSA is more than just a savings account; it’s a pathway to home ownership. By taking advantage of this program, you can move closer to owning your first home. Start your journey today by speaking to your Worldsource advisor to help you navigate the process. Together, we can make your dream of home ownership a reality.

 

 

¹ Department of Finance Canada. “Design of the Tax-Free First Home Savings Account.” Government of Canada. August 2022 https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html. August 2022.
² Canada Revenue Agency. “Participating in your FHSAs.” Government of Canada.
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html . March 2025.
³ Canada Revenue Agency. “FHSA statistics.” Government of Canada.
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/fhsa-statistics.html. December 2023.

 

This material is for general and educational purposes only and is based on the perspectives and opinions of the owners and writers. It is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting, financial or other professional advice. Investors should always consult an appropriate professional regarding their particular circumstances before acting on any of the information here.

 

Worldsource Wealth Management (WWM) is a fully integrated wealth management company focused on supporting Financial Advisors and building financial prosperity for Canadians. WWM is a wholly owned subsidiary of Desjardins Group, the leading financial cooperative in North America with over 100 years of dedication to the people and communities they serve. WWM is comprised of: Worldsource Financial Management Inc. (WFM) and Worldsource Securities Inc. (WSI), which are Dealer Members regulated by the Canadian Investment Regulatory Organization (CIRO) and Members of the Canadian Investor Protection Fund (CIPF), as well as IDC Worldsource Insurance Network Inc. (IDC WIN), one of Canada’s largest life insurance managing general agencies.