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First Home Savings Account (FHSA)

LIMITED TIME OFFER

Invest for Your First Home in an FHSA.
Plus, Get Up to $10,000 in Travel Value!legal disclaimer †

Get closer to your dream of home ownership and lower your annual taxable income, too. FHSA contributions can be deducted from your taxable income—and your investment earnings grow tax-freelegal disclaimer 2,legal disclaimer 12.

  1. Step 1 Open an RBC Direct Investing FHSA and/or another by March 31, 2026.
  2. Step 2 Contribute or transfer-in funds within one or more eligible accounts by May 29, 2026.

    Ways to contribute:

    • Make lump sum contributions equaling at least $5,000, or
    • Set up pre-authorized contributions (PACs) of $500+ per month
    • Or do a combination of both
    Transfers can be from your personal RBC bank account or another .
  3. Step 3 Be an Avion Rewards member by May 29, 2026 (if you're not already a member). It’s free and easy to join.
Maintain your minimum contribution balance and/or pre-authorized contributions until February 28, 2027.

We’ll deposit your Avion points into your Avion Rewards account in four payments. Each payment will be made within eight weeks after: May 31, 2026; August 31, 2026; November 30, 2026; and February 28, 2027.

Earn 1 Avion point for every $2 dollars invested, plus 12,500 bonus points —up to 500,000 Avion points!

Qualifying Net Contributions (CAD): Avion points you will receive: Value (CAD):
$5,000 (minimum) 15,000 $350 (round-trip flight nearby)
$45,000 35,000 $750 (round-trip flight within North America)
$105,000 65,000 $1,300 (round-trip flight to Europe)
$975,000 500,000 $10,000 (5 round-trip flights to see the world)

You can also redeem points for hotels, car rentals, gift cards, merchandise, cash contributions to an RBC Direct Investing account, to pay for trade commissionslegal disclaimer 15 and more!

Conditions apply. See full offer terms and conditions.

What is an FHSA?

Work towards your goal of buying your first home with a First Home Savings Account (FHSA). The FHSA is a new registered plan that can help you invest for your first home tax-free. If you’re at least 18 (and no less than the age of majority in your province), have a Social Insurance Number (SIN) and have not owned a home where you lived this year or at any time in the preceding four calendar years, you may be eligible to open an FHSA.Legal Disclaimer 1

Reasons to invest in an FHSA:

  • Use it to contribute up to $40,000 for your first home
  • Contribute tax-free for up to 15 years
  • Unused contribution room can be carried over to the next year, up to a maximum of $8,000
  • Potentially reduce your tax bill and carry forward unused contributions indefinitely
  • Pay no taxes on any investment earningslegal disclaimer 1
  • Complements the Home Buyers’ Plan (HBP)
Is an FHSA right for me?

How an FHSA Works

Here’s how an FHSA can help you save for your first home:

A First Home Savings Account (FHSA) is a type of registered plan, which means you can hold investments in it to help you reach your goal of owning a home faster.

At RBC, there’s no minimum balance required to open an account and you’ll be able to hold a full range of investment products.

Tip: Whether you want to make your own investment decisions or have professionals manage your investments for you, it’s easy to invest in an RBC FHSA.

Since your investment earnings aren’t taxed, your money will have the opportunity to grow faster in an FHSA than it would in a traditional savings account.

You can make tax-deductible contributions of up to $8,000 a year in an FHSA, up to a lifetime maximum of $40,000. Unused room can be carried over to the next year, up to a maximum of $8,000.

Tip: Setting up regular (weekly, monthly, etc.) automatic contributions into your FHSA is an easy way to help you stay on track towards your savings goals.

Make a tax-free withdrawal at any time to purchase a qualifying home.

Tip: You’ll be able to use both an FHSA and the Home Buyers’ Plan (HBP) to purchase a qualifying home. Keep in mind that you’ll have to repay any funds through the HBP, but not with an FHSA.

Check out Save to Buy a Home for more tips on saving.

Numbers to Know

$8,000

Annual tax-deductible FHSA
contribution limit

$40,000

Lifetime FHSA
contribution limit

$0

How much you’ll pay in taxes
on FHSA earnings
(if you make a qualifying withdrawal to use for your first home)

Compare the FHSA to Other Registered Plans

See how an FHSA compares to a TFSA and RRSP.

Compare Plans TFSA vs RRSP vs FHSA

Offer & FHSA FAQs

To participate in this offerlegal disclaimer *, you must:
  • Not currently hold one of the as of December 1, 2025 (previous eligible accounts that were closed prior to the start of the qualifying period do not impact your eligibility)
  • Open one or more between December 1, 2025 and March 31, 2026
  • Be a Canadian resident and at least the age of majority in your province/territory when you open your eligible account(s)
  • Join Avion Rewards by May 29, 2026 (if you're not already a member). It’s free and easy to join.
No, you are not required to have a personal RBC bank account to receive this offer.legal disclaimer *
We will reimburse up to C$200 in transfer feeslegal disclaimer 17 when you transfer C$15,000 or more to RBC Direct Investing. ($500 in fees reimbursed for Royal Circle and Royal Distinction members.legal disclaimer 18)
If you have met all the qualifying conditions of the offerlegal disclaimer *, we’ll deposit your Avion points into your Avion Rewards account in four payments. Each payment will be made within eight weeks after:
  • May 31, 2026
  • August 31, 2026
  • November 30, 2026
  • February 28, 2027
You’ll get 12,500 Avion points, plus 1 Avion point for every $2 dollars invested—up to 500,000 Avion points!
Net transferred assets (CAD): Avion points you will receive: Value (CAD):
$5,000 (minimum) 15,000 $350 (round-trip flight nearby)
$45,000 35,000 $750 (round-trip flight within North America)
$105,000 65,000 $1,300 (round-trip flight to Europe)
$975,000 500,000 $10,000 (5 round-trip flights to see the world)
You can also redeem points for hotels, car rentals, gift cards, merchandise, cash contributions to an RBC Direct Investing account, to pay for trade commissionslegal disclaimer 16 and more!

You must be a member of the Avion Rewards program (Avion Elite or Avion Premium membership level) before May 29, 2026 to receive the Avion points. It’s free and easy to join.

To learn more about Avion Rewards and the value of your points, visit the Avion Rewards site.
Yes, your contributions may be spread across and/or to meet the qualifying criteria for this offer.legal disclaimer *

In general, you can:
  • Make a single contribution of at least $5,000, or
  • Set up and process pre-authorized contributions (PACs) of $500+ per month, or
  • Make single contributions and PACs that equal at least $5,000 annualized (For example, a contribution of $2,000 and PACs of $250 per month for 12 months.)
For example, if you open an eligible account through RBC Royal Bank (an RBC TFSA or RRSP, for instance), you may contribute $2,500 into savings deposits and $2,500 into a 2-year term GIC, and your total of these investments would meet the qualifying criteria.

Alternatively, you can also set up pre-authorized contributions in RBC mutual funds (distributed by Royal Mutual Funds Inc.).

If you open an eligible account through RBC Direct Investing (an RBC Direct Investing TFSA or RRSP, for instance), you can make cash deposits and purchase securities listed on a U.S. or Canadian exchange, including:
  • Stocks and Options
  • Exchange-Traded Funds (ETFs)
  • Mutual Funds
  • Guaranteed Investment Certificates (GICs)
  • Bonds
  • And more …
To check if you’re already an Avion Rewards member, go to www.avionrewards.com or download the Avion Rewards app and sign in with your RBC Online Banking account.
  • If you are already a member, you’ll be directed to your home page to see your points balance.
  • If you are not already a member, your sign in attempt will activate your account.
To qualify for this offerlegal disclaimer *, you must be an Avion Rewards member (at the Avion Elite or Avion Premium membership level before May 29, 2026). To ensure you’re an Avion Rewards member at the Avion Elite or Avion Premium membership level:
  • Become an RBC client by opening an eligible product.
  • Sign in to Avion Rewards using your RBC Online Banking login to activate your membership. (You can become a Premium or Elite member depending on what account or card you have.)
See All Offer FAQs

The funds in your First Home Savings Account (FHSA) have to be used by December 31 of the 15th year after opening your first FHSA account or the year you turn 71, whichever comes first. If you have not used the funds in your FHSA by that time, they can be transferred tax-free to your Registered Retirement Savings Plan (RRSP) without impacting your RRSP contribution room, or to your Registered Retirement Income Fund (RRIF); otherwise, your withdrawal will be taxed.

There are 2 ways you can open an account:

1) Through RBC Direct Investing:

  • Call your own shots with our low-cost online trading and investing service
  • Hold stocks, bonds, exchange-traded funds (ETFs) and more in your FHSA1
  • Make informed investment decisions using expert research and other resources like free real-time streaming quotes2

    • Open An Account

2) Through RBC InvestEase

  • Our pros will pick, buy and manage the investments in your FHSA for you
  • We match you to a low-cost, expertly constructed portfolio of exchange-traded funds (ETFs) based on your answers to a few simple questions
  • Track your progress online anytime and speak to a Portfolio Advisor if you have questions or need advice

    • Open An Account

To open a First Home Savings Account (FHSA), you must be:

  • At least 18 years of age and no less than the age of majority in the province where you live
  • A Canadian resident
  • A first-time homebuyer (meaning, you and/or your spouse or common-law partner have not owned a home where you lived in the calendar year in which you open the account or at any time in the preceding four calendar years)

You can hold the following product offerings in a First Home Savings Account (FHSA):

  • Savings deposits
  • Stocks, options and bonds
  • Exchange-Traded Funds (ETFs)
  • Cash
  • GICs4
  • Mutual Funds

It depends. If you make a qualifying tax-free withdrawal, no taxes will be deducted from the amount, and you will not have to include the amount in your taxable income that year.

To make a qualifying withdrawal from your First Home Savings Account (FHSA) you must meet the following conditions:

  • Be a first-time homebuyer
  • Have a written agreement to buy or build a qualifying home in Canada by October 1 of the year after you make the withdrawal from your FHSA
  • Intend to live in the home within a year of buying or building it
  • Be a resident of Canada throughout the period from the withdrawal to the acquisition of the house

You can also transfer funds from your FHSA to another FHSA, Registered Retirement Savings Plan (RRSP), or Registered Retirement Income Fund (RRIF) on a tax-free basis.

If you make a withdrawal from your FHSA for any other purpose, your withdrawal will be subject to withholding tax and the amount you withdraw will be added to your taxable income. Plus, your FHSA contribution room will not be re-instated.

Once you make a qualifying withdrawal, you will need to close your account and transfer or withdraw all funds left in your FHSA by December 31 of the following year. If you make a non-qualifying withdrawal, you will not have to close your account (unless you have had it for 15 years or are turning 71)—but your contribution room will not be reinstated.

You can open a First Home Savings Account (FHSA) and make tax-deductible contributions of up to $8,000 annually, to a lifetime maximum of $40,000. If you don’t contribute the full $8,000 in a single year, the balance can be carried forward and added to next year’s contribution amount. This means that if you contribute less than $8,000 within the year, you can contribute the unused amount in the subsequent year in addition to the $8,000 annual contribution limit and contribute a maximum of $16,000 in a given year.

Your funds and any investment earnings can stay in the FHSA and grow tax-free with every contribution you make until you’re ready to buy your first home. As long as you use the funds for your qualifying first home, you won’t have to pay any taxes on your FHSA withdrawal(s).

The funds in your FHSA have to be used by December 31 of the 15th year after opening the account, or by December 31 of the year you turn 71, whichever comes earlier. If you have not used the funds in your FHSA by that time, you can transfer the funds from your FHSA on a tax-free basis to your Registered Retirement Savings Plan (RRSP) without impacting your RRSP contribution room, or to your Registered Retirement Income Fund (RRIF). Otherwise, you can withdraw funds from your FHSA, but your withdrawal will be taxed.

No, you can use both your First Home Savings Account (FHSA) as well as make a withdrawal from your Registered Retirement Savings Plan (RRSP) under the Home Buyers’ Plan (HBP) (opens in a new window) to purchase a qualifying home. Keep in mind that with a HBP withdrawal, you’ll have to repay any funds you withdraw from your RRSP. There is no repayment requirement for withdrawals from an FHSA.

Yes, you can carry forward any unused FHSA contribution room from the prior year up to a maximum of $8,000 (subject to your lifetime contribution limit of $40,000). This means that if you contribute less than $8,000 within the year, you can contribute the unused amount in the subsequent year in addition to the $8,000 annual contribution limit.

For example, if you contribute $5,000 to your FHSA in 2023, you would be allowed to contribute $11,000 in 2024 (i.e., $8,000 plus the remaining $3,000 from 2023).

See All FAQs

Invest in an FHSA Today

Choose how you’d like to invest in an FHSA from the following options:

Royal Bank of Canada and RMFI shall not be liable for any losses or damages arising from any errors or omissions in information contained in this calculator.

Financial planning and investment advice are provided by RMFI. Mutual Funds are sold by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.

Information about the First Home Savings Account is based on what is currently available from the Canadian government and can be subject to change.
The Travel Value of $10,000 is based on an Air Travel Redemption from the Air Travel Redemption Schedule that is only available to Avion Elite Members. Air Travel Reward redemptions from the Air Travel Redemption Schedule start at 15,000 Avion points for a round trip short-haul flight within or to an adjacent province/territory or within or to an adjacent U.S. State with a maximum ticket price of $350. All applicable taxes, service fees and surcharges are the responsibility of the traveller.

All Avion Rewards members with the exception of Personal ION Accounts, Avion Rewards Core Product Accounts and Avion Select members may redeem Points for an RBC Travel Reward at the rate of 100 Points per $1.00 CAD to pay for all or part of your booking, including associated taxes and fees. A minimum of 1,000 Points must be redeemed. A service charge and other conditions may apply.

If you have a Personal ION Account or an Avion Rewards Core Product Account, you may redeem your Points for an RBC Travel Reward at the rate of 100 Points per $0.58 CAD to pay for all or part of your booking, including associated taxes and fees. A minimum of 2,500 Points must be redeemed. A service charge and other conditions may apply. Please refer to the Avion Rewards Terms and Conditions for a list of eligible products and respective travel redemption rates.

Redemption rates vary depending on redemption category. For general redemption terms, conditions and restrictions that apply to the Avion Rewards program, please visit avionrewards.com or call 1-800 ROYAL 1-2 (1-800-769-2512).
You may be eligible to open an FHSA if you or your spouse have never owned a home in which you lived at any time during the part of the calendar year before the account is opened or at any time in the preceding four calendar years.
Assets in an FHSA must be Qualified Investments under the Income Tax Act. If the FHSA holds non-Qualified Investments, it could be subject to tax.
Certain GICs cannot currently be purchased, sold or transferred into your FHSA.
Through MyAdvisor.

MyAdvisor is an online platform from RBC where you can view your financial information including visual representations (charts and graphs) of your retirement readiness, net worth, cash flow, and financial goal tracking. You can also see how varying your current approach can affect your savings and goals. The MyAdvisor platform also enables you to book an appointment with an RBC advisor and to meet with your advisor using video chat or phone to open new accounts, including investment accounts, and get advice on meeting your financial goals. Investment advice provided by RMFI may be delivered through the MyAdvisor platform.
The commission fee detailed in the Commission and Fee Schedule as applicable to Stocks and ETFs will be waived for ETFs listed as eligible for commission free trading at the time an order is placed. The list of ETFs eligible for commission-free trading is not guaranteed and may change from time to time. The standard commission fee may be applied to ETFs not listed as eligible for commission-free trading at the time an order is placed. The inclusion or exclusion of any ETF under commission-free trading does not constitute a recommendation by RBC Direct Investing to purchase or sell such securities. RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. Investors are responsible for their own investment decisions.
Mutual fund companies may assess additional fees — for example, deferred sales charges on back-end load funds, early redemption fees, setup fees and fees for insufficient funds on pre-authorized purchases.
Assets in a TFSA must be Qualified Investments under the Income Tax Act. If the TFSA holds non-Qualified Investments, it could be subject to tax.
Provided you make Contributions in such amounts as are permitted under the Tax Act, excess contributions are taxable. It is your sole responsibility to ensure that the amount of Contributions is within the limits permitted under the Tax Act.
While you can take money out of a TFSA for any reason, your timing does depend on the investments you hold in it. For example, non-redeemable GICs must be held until maturity.
Assets in an RRSP must be Qualified Investments under the Income Tax Act. If the RRSP holds non-Qualified Investments, it could be subject to tax.
Your contribution room determines the maximum amount that you can contribute to your RRSP. You can find your most up-to-date contribution room through CRA online services such as My Account and the MyCRA mobile app.
Pay no taxes on “qualifying withdrawals” made under the First Home Savings Account registered plan for “first-time home buyers” buying a “qualifying home”. Conditions for making a “qualifying withdrawal” must be satisfied at the time of making a withdrawal from your FHSA, otherwise your withdrawal will be treated as a taxable withdrawal. For details see Canada Revenue Agency First Home Savings Account.
With the Canada Education Savings Grant (CESG), for an eligible beneficiary until the end of the calendar year they turn 17, the government matches 20% on the first $2,500 contributed annually to an RESP. The maximum total CESG the government will give, up to age 18, is $7,200 per beneficiary. With the Canada Learning Bond (CLB) for an eligible beneficiary, the government pays an initial $500 contribution in an RESP and a beneficiary may also be entitled to receive an additional $100 a year up until the age of 15. The maximum total CLB payable is $2,000. A contribution is not required to an RESP to receive the CLB. The total maximum CLB payable per child is $2,000.
Using borrowed money to finance the purchase of securities involves greater risk than using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.
The Avion Rewards program is offered by Royal Bank of Canada and is subject to the Avion Rewards Terms & Conditions. You may only use your Avion points through RBC Direct Investing to: (1) pay for commissions on trades placed online or through the RBC Mobile app in Canadian or U.S. stocks, ETFs and options in your eligible RBC Direct Investing accounts; or (2) transfer points to deposit or make cash contributions in CAD to your eligible RBC Direct Investing accounts. It is your responsibility to make sure you have sufficient contribution room within your registered plan when redeeming points for cash in CAD to contribute to your registered accounts and/or when you use your Avion points to pay for commissions on trades placed in Canadian or U.S. stocks, ETFs and options in a registered account. The Canada Revenue Agency may apply tax penalties for over-contributions. RBC Direct Investing is not responsible for any such penalties.
Up to C$200 in transfer fees will be covered when you transfer C$15,000 or more to RBC Direct Investing from an investment account held at a financial institution that is not affiliated with RBC. Clients must provide proof of transfer fee payment to RBC Direct Investing within six months of transfer to be eligible for reimbursement. Please contact an RBC Direct Investing representative for more details at 1 800-769-2560.
For Royal Circle and Royal Distinction members up to C$500 in transfer fees will be covered when you transfer C$15,000 or more from an investment account held outside RBC Financial Group to RBC Direct Investing. Proof of transfer fee payment must be provided.