FHSA: the best account in Canadian history.
The First Home Savings Account combines RRSP’s tax deduction with TFSA’s tax-free growth and withdrawal. $8,000 per year, $40,000 lifetime. Open before age 71. PocketSpend tracks every dollar against your lifetime room.
$40,000 Lifetime Tracker
Track contributions across your FHSA accounts (you can have multiple) against the hard $40,000 lifetime cap. Unused $8,000 annual rolls forward to one additional year.
First-Home Test
To withdraw tax-free, you must be a first-time home buyer at the time of withdrawal. We track this status and warn if you might lose qualification.
Combine with HBP
You can use both FHSA ($40K) + Home Buyers’ Plan ($60K) for $100K toward a first home. We aggregate available funds across both.
Carry-Forward Room
Skipped 2024? You can contribute $16,000 in 2025. We calculate your real available room not just the standard $8,000.
Conversion Warning
FHSA must be closed within 15 years or by age 71. If not used for a first home, funds can roll to RRSP. We warn 12 months before deadline.
Tax Deduction Reminder
FHSA contributions are tax-deductible like RRSP. We estimate your tax saving at your marginal rate.
How it works
- 1
Open an FHSA
Available at Wealthsimple, Questrade, RBC, TD, BMO, Scotia, CIBC and most credit unions. Must be 18-71 and a Canadian resident.
- 2
Connect to PocketSpend
Plaid Canada syncs your FHSA balance and contributions automatically.
- 3
Track lifetime room
$8,000 annual + carry-forward up to $16,000/year + $40,000 lifetime cap. We do the math.
- 4
Withdraw for first home
When ready, withdraw tax-free for a qualifying first home purchase. We confirm qualification status.
Frequently asked questions
Can I have multiple FHSAs?▼
Yes — across multiple providers, but the $8,000 annual and $40,000 lifetime limits apply across all combined. PocketSpend aggregates.
FHSA vs TFSA — which first?▼
For first-time home buyers under age 71: FHSA wins. You get RRSP-style deduction AND TFSA-style tax-free withdrawal. Most planners recommend maxing FHSA before TFSA if home-buying is the goal.
What if I don’t buy a home?▼
FHSA funds can be transferred to an RRSP (without affecting RRSP room) before age 71 or 15 years after opening. Or withdrawn taxably.
Does the partner of a first-time buyer qualify?▼
Only if they themselves haven’t owned a home they lived in during the current or 4 preceding calendar years. CRA has specific rules — we surface them.
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