The First Home Savings Account is one of the most powerful tools available to first-time buyers — and one of the most misunderstood. Here's the simple version.
The basics: Contributions are tax-deductible like an RRSP, and withdrawals for a first home are tax-free like a TFSA — you genuinely get both benefits.
The limits to know: An annual contribution cap and a lifetime cap apply, and unused room can carry forward, so starting early — even with small amounts — compounds the benefit.
A common mistake: Opening the account but not actually contributing regularly. The tax advantage only works on money that's actually in the account.
Bottom line: If you're planning to buy in the next few years and haven't opened an FHSA yet, this is the single easiest financial move to make this fall.
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