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First Time Home Savings Account (FHSA)

First Home Savings Account (FHSA)

Introduced by the Government of Canada in 2022, the First Home Savings Account (FHSA)* is designed to assist members who are saving for your first home.

To qualify, account holders must be at least 18 years old, be a resident of Canada, and not have lived in a home you owned at any time during the year you opened the FHSA nor during the four preceding calendar years.


  • Save as much as $40,000 in the account
  • Contribute up to $8,000 per year (Tax deductible)
  • Contributions and income earned are tax free
  • Maximum period the account can remain open is until December 31 of the year you turn 71, the year the account has been opened for 15 years, or the year following the withdrawal of a qualifying home, whichever is earliest.
  • Any funds remaining after the maximum period must be transferred to an RRSP/RRIF or withdrawn as a taxable withdrawal.


  • Competitive interest rate
  • No minimum deposit required
  • Contributions can be made any time
  • Option to make regular preauthorized deposits of $50 or more
  • Option to make a tax-free funds transfer from an RRSP to a FHSA, subject to limits
  • Can make a deposit one day and make a qualifying withdrawal immediately afterwards
  • Option to receive an annual paper statement or to access monthly statements via MemberDirect

*The First Home Savings Account is offered through a partnership with League Savings and Mortgage (LSM) and subject to fees as outlined in LSM’s deposit disclosure.


Meet your local planning expert

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Tony Young, CFP®

Director, Advice and Service
Aviso Financial Inc.
240 Water Street
St. John’s NL A1C 1B7
(709) 758-8258

Tina Skinner, PFP®

Wealth Management Advisor
Aviso Financial Inc.
38 Main Street
Corner Brook NL A2H 1C3
 (709) 634-5341
 (709) 632-0363

Greg Murray, CFP®

Wealth Management Advisor
Aviso Financial Inc.
51 Commonwealth Avenue
Mount Pearl NL A1N 1W7
 (709) 747-9415
 (709) 690-4990

Peter Bishop

Wealth Management Advisor
Aviso Financial Inc.
1 Pinsent Drive
Grand Falls-Windsor NL A2A 2S8
(709) 489-9051

Donna McGrath, CFP®

Wealth Management Advisor
Aviso Financial Inc.

341 Freshwater Road
St. John’s NL A1C 1B7
 (709) 754-2312

Suellen Jenkins

Wealth Management Advisor
Aviso Financial Inc.

6 Roe Avenue
Gander NL A1V 1W5
 (709) 256-3537


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