Buying your first home, in plain language.

What is the First Home Savings Account (FHSA)?

The FHSA is a registered account for saving toward a first home. Per the Canada Revenue Agency, you get $8,000 of participation room when you open your first FHSA, then another $8,000 each year after that, up to a lifetime limit of $40,000.

Contributions are generally deductible, like an RRSP. Qualifying withdrawals for a first home are tax-free, and you do not need to repay them.

Source: Canada Revenue Agency, First Home Savings Account; CRA, Participating in your FHSAs; CRA, Withdrawals and transfers out of your FHSAs

Why open one before I am ready to buy?

FHSA room only starts once you open your first account. Unused room at year-end can be carried forward to the following year, up to $8,000, and the carry-forward is $0 in the year you open the account.

My tip: open it now, even with a small deposit, so your room starts building.

Source: CRA, Participating in your FHSAs

What is the RRSP Home Buyers' Plan?

The Home Buyers' Plan lets you withdraw from your RRSPs toward a first home. Canada.ca gives the withdrawal limit as $60,000. For first withdrawals made between January 1, 2026 and December 31, 2028, the 15-year repayment period starts in the fifth year after the year of your first withdrawal.

Eligibility rules apply. Check them on Canada.ca or with your advisor before you rely on the plan.

Source: CRA, What is the Home Buyers' Plan

What is the difference between pre-qualification and pre-approval?

Lenders use the words differently, so ask what yours actually checks. In my practice: pre-qualification is an estimate based on what you tell the lender. Pre-approval means the lender has reviewed your documents and credit and given you a maximum amount and a rate.

The Financial Consumer Agency of Canada notes the process may also be called prequalification or preauthorization, that lenders typically want proof of identity, employment, down payment and closing costs, and information on your debts, and that a lender may hold a rate for 60 to 130 days depending on the lender. It does not guarantee your approval for a mortgage.

My advice: book the lender conversation before you book a showing.

Source: FCAC, Getting preapproved for a mortgage

ما هو حساب ادخار البيت الأول (FHSA)؟

حساب ادخار البيت الأول. FHSA.

ثلاثة أرقام. ثمانية آلاف في السنة. أربعون ألفاً مدى الحياة. صفر ضريبة عند السحب.

المبلغ الذي تودعه يُخصم من ضريبتك مثل RRSP. والمبلغ الذي تسحبه لشراء أول بيت معفى من الضريبة مثل TFSA. ولا تعيد شيئاً.

الخطوة التي يفوّتها أغلب الناس: افتح الحساب الآن ولو بدولار واحد. المساحة غير المستخدمة تُرحَّل للسنوات القادمة.

الواجب: افتح الحساب هذا الأسبوع.

المصدر: Canada Revenue Agency, First Home Savings Account; CRA, Participating in your FHSAs; CRA, Withdrawals and transfers out of your FHSAs

حساب پس‌انداز خانهٔ اول (FHSA) چیست؟

حساب پس‌انداز خانهٔ اول. FHSA.

سه عدد. هشت هزار دلار در سال. چهل هزار دلار در کل عمر. مالیات صفر هنگام برداشت.

پولی که واریز می‌کنید مثل RRSP از مالیات کم می‌شود. پولی که برای خانهٔ اول برداشت می‌کنید مثل TFSA معاف از مالیات است. و چیزی را پس نمی‌دهید.

کاری که بیشتر مردم از دست می‌دهند: همین حالا حساب را باز کنید، حتی با یک دلار. ظرفیت استفاده‌نشده به سال‌های بعد منتقل می‌شود.

تکلیف: همین هفته یک حساب باز کنید.

منبع: Canada Revenue Agency, First Home Savings Account; CRA, Participating in your FHSAs; CRA, Withdrawals and transfers out of your FHSAs