{"id":86284,"date":"2024-04-15T16:38:36","date_gmt":"2024-04-15T20:38:36","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=86284"},"modified":"2024-04-16T14:30:07","modified_gmt":"2024-04-16T18:30:07","slug":"the-first-home-savings-account-fhsa-turns-one-three-ways-to-make-the-most-out-of-the-fhsa","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/smart-saving\/the-first-home-savings-account-fhsa-turns-one-three-ways-to-make-the-most-out-of-the-fhsa\/","title":{"rendered":"The First Home Savings Account (FHSA) Turns One: Three Ways to Make the Most Out of the FHSA"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/finding-home\/\">\n\t\t\t\t\t\t\t<span>Finding Home<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">The First Home Savings Account (FHSA) Turns One: Three Ways to Make the Most Out of the FHSA<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By the Inspired Investor team<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"500\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/04\/Shot_01B_FHSA_01_930x500.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Blue piggybank\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/04\/Shot_01B_FHSA_01_930x500.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/04\/Shot_01B_FHSA_01_930x500.jpg?resize=300,161 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/04\/Shot_01B_FHSA_01_930x500.jpg?resize=768,413 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=The First Home Savings Account (FHSA) Turns One: Three Ways to Make the Most Out of the FHSA &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/smart-saving\/the-first-home-savings-account-fhsa-turns-one-three-ways-to-make-the-most-out-of-the-fhsa\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/smart-saving\/the-first-home-savings-account-fhsa-turns-one-three-ways-to-make-the-most-out-of-the-fhsa\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published April 15, 2024 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>If you\u2019re one of the more than\u00a0300,000\u00a0people who opened a\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/fhsa.html\" data-dig-id=\"LP-86284-6611e45d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"First Home Savings Account (FHSA)\" class=\"rbc-link-format\">First Home Savings Account (FHSA)<\/a>\u00a0over the last year,\u00a0cut yourself a slice of cake\u00a0to celebrate its first birthday. The FHSA, which\u00a0launched\u00a0on April 1, 2023, has quickly become a popular way to invest towards a home,\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/smart-saving\/just-in-most-fhsa-accounts-opened-by-under-34s\/\" data-dig-id=\"LP-86284-c9804eb9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"particularly among young people\" class=\"rbc-link-format\">particularly among young people<\/a>. At a time when housing affordability in Canada is a top concern, it lets aspiring homeowners invest up to $8,000 a year to a maximum of $40,000 toward a down\u00a0payment\u00a0.<\/p>\n\n\n\n<p>The account combines some of the best features of the\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/rrsp.html\" data-dig-id=\"LP-86284-062f8e6a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Registered Retirement Savings Plan (RRSP)\" class=\"rbc-link-format\">Registered Retirement Savings Plan (RRSP)<\/a>\u00a0and the\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/tfsa.html\" data-dig-id=\"LP-86284-97a8fddf\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Tax-Free Savings Account (TFSA)\" class=\"rbc-link-format\">Tax-Free Savings Account (TFSA)<\/a>. First, like an RRSP, you can deduct your contributions from your income, which could be used to lower your income tax.\u00a0Plus, like a TFSA, any qualifying withdrawal from the account is tax-free \u2013 you won\u2019t owe the\u00a0Canada Revenue Agency\u00a0a cent when you withdraw the money to purchase a qualifying home. Additionally, up to $8,000 of unused contribution room\u00a0in the FHSA carries over to the next year.<\/p>\n\n\n\n<p>Whether you\u2019ve already opened an FHSA or are just starting to think about it, here are three ideas to help you get more out of the account.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u201cPAC\u201d away your savings<\/h2>\n\n\n\n<p>It\u2019s helpful to have a strategy to start saving toward that $8,000 annual contribution limit. Assuming you don\u2019t have a lump sum to invest, you\u2019d need to set aside just over $650 a month to maximize your contribution room each year.<\/p>\n\n\n\n<p>Building the self-discipline to set aside that much on an ongoing basis can be tough, but it\u2019s a lot easier if you set up\u00a0a <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-it-really-means-to-pay-yourself-first\/\" data-dig-id=\"LP-86284-f64147e5\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"pre-authorized contribution plan (PAC)\" class=\"rbc-link-format\">pre-authorized contribution plan (PAC)<\/a>. With a PAC, the money flows directly into your FHSA from your bank account. Scheduling withdrawals to coincide with when you get paid means you\u2019re less likely to miss the cash.<\/p>\n\n\n\n<p>You can set up your PAC to suit your budget. As a starting point, consider smaller pre-authorized contributions to make sure you still have enough to cover any daily expenses.\u00a0Once you\u2019ve built up a habit of contributing, you\u2019ll be ready to aim higher, investing a larger amount outside your FHSA and putting your home ownership goal within sight.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Reinvest your refund<\/h2>\n\n\n\n<p>Since FHSA\u00a0contributions can\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/can-registered-accounts-help-you-save-on-taxes-yes-heres-how\/\" data-dig-id=\"LP-86284-af2813e0\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"lower your income tax bill\" class=\"rbc-link-format\">lower your income tax bill<\/a>, you could find yourself with a tax refund this spring. While you may want to spend it on a celebratory reward, consider putting the refund back into your FHSA instead to get a jump on your contributions for next year. \u00a0\u00a0\u00a0\u00a0<\/p>\n\n\n\n<p>Better yet, if you\u2019ve already maxed out your FHSA contribution room,\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/how-to-make-the-most-of-your-tax-refund\/\" data-dig-id=\"LP-86284-a36c4b70\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"you could use that tax refund to grow your savings in other ways\" class=\"rbc-link-format\">you could use that tax refund to grow your savings in other ways<\/a>, like by putting the money in your TFSA or your RRSP. It\u2019s worth remembering an extra tool at your disposal: you can withdraw up to $35,000 tax-free from your\u00a0RRSP through the\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/rrsp-home-buyers-plan.html?refmenu=help\" data-dig-id=\"LP-86284-dec63dc7\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Home Buyers\u2019 Plan\" class=\"rbc-link-format\">Home Buyers\u2019 Plan<\/a>, provided you return the money to your account over a 15-year period.\u00a0\u00a0\u00a0\u00a0<\/p>\n\n\n\n<p>If you don\u2019t expect your FHSA contributions to generate a significant tax return, for example due to a lower-income year, you could also decide to delayclaiming the contributions. You can delay your claim indefinitely, allowing you to save up your tax receipts until you\u2019re earning a higher income. That way, they can help you get a bigger refund.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Consider your timeline<\/h2>\n\n\n\n<p>As helpful as the FHSA\u2019s tax perks can be, it\u2019s what you do with your money once it\u2019s in your account that matters most.<\/p>\n\n\n\n<p>Start by finding investments you\u2019re comfortable with and remember your time horizon. With an FHSA, you have up to 15 years to grow your money and use it toward a home \u2013 or you may use it even sooner, depending on when you decide you\u2019re ready to make that purchase. Why is that important? Because it means you have less time for your investments to recover if you suffer a loss in the account.<\/p>\n\n\n\n<p>Allowing your money to sit as cash in an FHSA may not be ideal either, since\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/whats-up-with-prices-these-days-inflation-explained\/\" data-dig-id=\"LP-86284-3ab87146\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"inflation\u00a0\" class=\"rbc-link-format\">inflation\u00a0<\/a>\u2013 the annual increase in the cost of goods and services, which could include the price of housing \u2013 will erode your buying power.<\/p>\n\n\n\n<p>Remember, when you are investing for a home, every year counts. Don\u2019t let another one of the FHSA\u2019s birthdays pass without exploring whether the account is right for you and your dreams of home ownership.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-d8fe6323-d2fc-49a0-98fe-0a047a948401\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=The First Home Savings Account (FHSA) Turns One: Three Ways to Make the Most Out of the FHSA &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/smart-saving\/the-first-home-savings-account-fhsa-turns-one-three-ways-to-make-the-most-out-of-the-fhsa\/\">\n     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\t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-eac0973c-4121-4770-8d28-2437bce651fe\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/finding-home\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Finding Home<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/home-ownership\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Home Ownership<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div 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src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/2025-financial-roadmap-shutterstock_2375988879.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Digital form checklist\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/2025-financial-roadmap-shutterstock_2375988879.jpg 6736w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/2025-financial-roadmap-shutterstock_2375988879.jpg?resize=300,197 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/2025-financial-roadmap-shutterstock_2375988879.jpg?resize=768,505 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/2025-financial-roadmap-shutterstock_2375988879.jpg?resize=1024,673 1024w, 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mar-t-0\">2026 Financial Roadmap: A Guide to Debt, Budgeting and Investing in Canada<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-d8fe6323-d2fc-49a0-98fe-0a047a948401 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-d8fe6323-d2fc-49a0-98fe-0a047a948401 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-eac0973c-4121-4770-8d28-2437bce651fe {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-eac0973c-4121-4770-8d28-2437bce651fe {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>Dreaming of home ownership? 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