
How does the Tax-Free Home Savings Account work?
The Tax-Free Home Savings Account (FHSA) is a type of savings account that allows Canadians to save money for a down payment on their first home or to pay for home renovations. Contributions to the FHSA may be deductible on your income tax return for the year of the contribution or a future year, and capital gains are tax-free.
What are the rules for the Tax-Free Home Savings Account?

The FHSA has a few rules that Canadians need to follow:
- Only first-time homebuyers are eligible to open a FHSA.
- The account holder must be a Canadian resident.
- The account holder must be at least 18 years old.
- FHSA contributions are capped at $8,000 per year. Unused contributions can be rolled over to the following year.
- The lifetime maximum contribution limit is $40,000.
- An FHSA account has a 15-year lifespan. After the 15 years have elapsed, you must transfer your funds to an RRSP or RRIF.
- Qualifying withdrawals must be used to buy or build a qualifying home. Non-qualifying withdrawals can still be made for other purposes but will be subject to income tax.
What age do you have to be to open a Tax-Free Home Savings Account in Ottawa?

The minimum age to open a FHSA in Ottawa is 18 years old. This is the same as the minimum age to open an FHSA anywhere in Canada.
When will the first Tax-Free Home Savings Account start?

The FHSA program began on April 1, 2023, meaning that you can open up an account today!
How can I get a Tax-Free Home Savings Account in 2023?

To get a FHSA in 2023, you will need to open an account with a financial institution that offers this type of account. You can check with your bank or credit union to see if they offer a FHSA.
Is there a 90-day rule for FHSA?

There is no minimum holding period for any deposits to your FHSA.