The First Home Savings Account (FHSA) is a plan introduced by the Canadian Government designed specifically to assist young Canadians in saving for the purchase of their first home.

Those who are 18 years and older can deposit up to $8,000.00 annually, up to a lifetime maximum of $40,000.00

Contributions to the plan are tax-deductible (similar to an RSP) and any growth earned within the plan accumulates tax-free. When the time comes to withdraw the money to purchase their first home, the withdrawal is 100% tax-free.