MONEY GLOBE XThe First Home Savings Account (FHSA): limits and withdrawals
How the First Home Savings Account works: $8,000 of room a year, $40,000 in total, carry-forward, how long it can stay open and what makes a withdrawal qualify.
Last checked November 8, 2026. Every rule below names its source; the official pages are listed at the end with their own dates.
In short
- $8,000 of contribution room in the year you open it, and up to $8,000 plus unused room after that, to $40,000 in total.
- It closes by December 31 of the year of the earliest of its 15th anniversary, your 71st birthday or the year after your first qualifying withdrawal.
- Contributions are generally deductible, and qualifying withdrawals for a first home are not taxed.
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Contribution room
- $8,000 in the first year you open an FHSA.
- In later years: $8,000 plus any unused room carried forward, but never more than $40,000 minus what you have already contributed.
- Carry-forward room only builds once an account is open.
How long it can stay open
Until December 31 of the year of the earliest of: the 15th anniversary of opening your first FHSA, the year you turn 71, or the year after your first qualifying withdrawal.
A qualifying withdrawal
- You are a first-time home buyer: you did not live in a home you owned as your principal residence this year or in the previous 4 years (the 30 days just before the withdrawal do not count).
- You have a written agreement to buy or build the home, to be completed before October 1 of the year after the withdrawal.
- You plan to live in it as your principal residence within one year of buying or building it.
- You are a resident of Canada until the home is bought.
A simple timeline
| Year | Room that year | Contributed | Total so far |
|---|---|---|---|
| 1 | $8,000 | $8,000 | $8,000 |
| 2 | $8,000 | $5,000 | $13,000 |
| 3 | $11,000 ($8,000 + $3,000 carried) | $11,000 | $24,000 |
| 4 | $8,000 | $8,000 | $32,000 |
| 5 | $8,000 (the $40,000 cap) | $8,000 | $40,000 |
Example only, following the CRA's room formula.
Questions
How much can I put in an FHSA?
$8,000 a year, with unused room carried forward, up to $40,000 in total.
How long can an FHSA stay open?
Until the end of the year of the earliest of its 15th anniversary, your 71st birthday or the year after your first qualifying withdrawal.
Can I use the FHSA and the Home Buyers' Plan together?
Yes, for the same qualifying home.
Do I have to pay the FHSA back?
No. A qualifying withdrawal does not have to be repaid.
Related guides
Sources
- Canada Revenue Agency: Contributing to your FHSA (page modified September 17, 2026)
- Canada Revenue Agency: Closing your FHSA (page modified February 2, 2026)
- Canada Revenue Agency: Withdrawals and transfers out of your FHSAs (page modified February 10, 2026)
- Canada Revenue Agency: What is the Home Buyers' Plan (page modified February 17, 2026)
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Create a free accountLast checked November 8, 2026. General information only - not financial, legal, tax or real estate advice. Rules change: confirm with the official source or a licensed professional before you act.