WealthFHSA Quiz: do you master the first-home savings account?
Answer the questions, then see your score and an explanation for each. No account needed.
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Frequently asked questions
Who can open an FHSA?
You must be a Canadian resident, at least 18 years old (or the age of majority in your province), and a first-time home buyer — meaning neither you nor your spouse or common-law partner has lived in a home you owned at any point in the current calendar year or the preceding four calendar years.
How long does the FHSA participation period last?
The participation period is 15 years from the date you open your first FHSA, or until the end of the year you turn 71, whichever comes first. After that, the account must be closed.
Are investment gains inside the FHSA taxable?
No. Like a TFSA, investment income — interest, dividends, and capital gains — grows completely tax-free inside the FHSA. And if you make a qualifying withdrawal to buy your first home, you pay no tax on any amount withdrawn.
Can you contribute to a spouse’s FHSA?
No. Unlike the spousal RRSP, there is no spousal FHSA. Each eligible individual must open and contribute to their own account. That said, both spouses can each have their own FHSA and combine their qualifying withdrawals toward the same home purchase.