For a limited time, earn 1.75% when you open your First Home Savings Account with Pathwise Credit Union!
.png)
FIRST HOME SAVINGS ACCOUNT (FHSA)
FIRST HOME SAVINGS ACCOUNT (FHSA)
Make your dream of owning a home a reality with the First Home Savings Account (FHSA).
Introduced by the Government of Canada in 2022, the FHSA is a registered savings plan created to help Canadians aged 18 to 71 save for the down payment on their first home. You can now open an FHSA at Pathwise Credit Union.
The FHSA blends the key tax advantages of both an RRSP and a TFSA. Your contributions are tax-deductible, and any investment growth, along with qualifying withdrawals, is completely tax free. By contributing early, your savings can grow through tax-free compounding and bring you closer to purchasing your first home.
Click here to view the Declaration of Trust
Select Image
Why the FHSA Works for First-Time Buyers
The FHSA is designed to help Canadians reach homeownership sooner. With annual contribution room, rollover flexibility, and tax advantages at every step, it’s one of the most effective ways to save for your first home. Whether you’re just starting out or already planning ahead, every dollar works harder inside an FHSA.
Tax-Deductible Savings
Lower your taxable income while building your down payment.
Tax-Free Growth
Invest and grow your savings without paying taxes on earnings.
Tax-Free Withdrawals
Use your FHSA savings for a qualifying first home without penalties.
Who Can Open an FHSA?
To open an FHSA, you must be a Canadian resident between 18 and 71 years old and meet the definition of a first-time homebuyer. You’re considered a first-time homebuyer if you haven’t owned a home where you lived as your principal residence in the past four calendar years.
| Your FHSA can stay open for up to 15 years, giving you plenty of time to build your savings. And if you decide not to use it for a home purchase, you can transfer the balance to your RRSP or RRIF without affecting your contribution room. |
How much can I contribute?
You can contribute up to $8,000 per year, with a lifetime limit of $40,000.
Can I Combine the FHSA and HBP?
Yes — you can use both programs together for an even larger down payment.
Do unused contribution amounts carry forward?
Yes — unused annual room carries forward up to a maximum of $8,000.
Ready to Start Saving for Your First Home?
Select Image
Access your money at over 4,500 ATMs across Canada –
surcharge-free.
Talk to us! We’re here for you, no matter where
you are on your financial path.
© 2020 Pathwise Credit Union. All rights reserved.