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What is the First Home Savings Account (FHSA)?
The TD Direct Investing First Home Savings Account (FHSA) is a registered savings plan designed to help you save for your first home, tax-free.
The FHSA combines the benefits of a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA) for the purpose of buying a home. Eligible contributions are generally tax-deductible. Qualifying withdrawals, made for the purpose of purchasing or building a qualifying home, are considered to be non-taxable.
There are limits to the amount you can contribute to an FHSA in any given year, as well as a lifetime maximum contribution limit of $40,000. The annual contribution limit is $8,000, although there is a carry-forward of a maximum of $8,000 of unused contribution room from the previous year.
We recommend that you confirm your contribution room with the Canada Revenue Agency (CRA) or your tax advisor prior to making contributions.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.