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The FHSA Makes Saving for a Home Easier and Faster

Buying your first home is a big deal—and you may be able to do it sooner with the First Home Savings Account (FHSA), a new registered plan that offers tax-deductible contributions, tax-free growth and tax-free withdrawals1. Getting started is easy at RBC. Simply choose the level of support you want and open your FHSA online today!

Reasons to Open an FHSA Today


Enjoy tax benefits similar to other registered plans.

Pay no taxes on your investment earnings or withdrawals (if used for a qualifying home)1


Contribute up to $8,000 each year, up to a $40,000 lifetime limit.

Start earning contribution room the year you open your FHSA. Unused room carries forward to the next year, up to a maximum of $8,000.


Combine your FHSA savings with the Home Buyers’ Plan (HBP)

The HBP is a separate program that lets you borrow from your Registered Retirement Savings Plan (RRSP) to buy a home.

The sooner you invest in an FHSA, the more time your future down payment may have to grow, tax-free.

Your money could grow faster in an FHSA than it would in a traditional savings account because of its tax benefits and compounding returns.

Tip: Set up regular (weekly, monthly, etc.) automatic contributions into your FHSA for an easy way to help your money grow even faster.

Compound returns chart - hypothetical - for illustration purposes only

Hypothetical – For illustration purposes only

Two Ways to Open and Invest in an FHSA Online

Let us pick, buy and manage your investments

RBC InvestEase

  • Answer some simple questions and we’ll match you to a portfolio of exchange-traded funds (ETFs)3 that’s aligned to your goals

  • Deposit any amount you’re comfortable with4 and we’ll manage and rebalance your investments for you to help you stay on track

  • See how your investments are doing, add more money or manage ongoing deposits at any time online5

  • Reach out to a Portfolio Advisor by phone or email if you have questions or want advice

Research, pick and buy your own investments

RBC Direct Investing

  • Select from stocks, ETFs and more6 to build an investment portfolio that meets your needs

  • Whether you’re new to investing or an experienced trader, try our online investing site using a free Practice Account with $100,000 of no-risk “practice money”

  • Trade when and how you want using three powerful trading platforms, including on the RBC Mobile app7

  • Talk to an Investment Services Representative if you need help getting started or have questions about your account

Benefits of Opening an FHSA at RBC

Open Your FHSA Online

Easily open your FHSA online and start investing towards your first home sooner.

Choose How You Want to Invest

Let the pros invest for you at RBC InvestEase or call the shots on your investments at RBC Direct Investing.

Move Money Easily to Your Account

Instantly move money from your RBC bank account to your RBC InvestEase or RBC Direct Investing account.8


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

  • GICs9

    • Mutual Funds

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).

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) 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.

Still have questions? Contact an Advisor today

1-800-769-2563 (1-800-ROYAL-63) Book an Appointment