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FHSA

First Home Savings Account

The First Home Savings Account, often referred to as the FHSA, is a tool to help you save money for your first home. It takes the best aspects of the TFSA and RRSP by saving taxes when you put money into the FHSA, and you don’t owe more tax when you use it to purchase a home! As it is a registered product (just like the TFSA or RRSP), the rules and limits are set by the Government, not GFCU.

 

Some of the great benefits include:

  • Investment Limits - Save up to $8,000 per year, and $40,000 lifetime into your FHSA.
  • Important: Unlike the TFSA and RRSP, limits for your FHSA don’t begin accruing until your FHSA is opened, so be sure to contact us today!
  • Flexibility - Don’t end up buying a home with your FHSA money? No worries, easily transfer the funds into an RRSP without any tax implications.
  • Should you not end up buying a home with your FHSA and don’t want to transfer the funds to an RRSP, you can withdrawal the funds which are then added to your income for that year.
  • How it works - When you deposit up to $8,000 per year into your FHSA, that money is deducted from your taxable income that year, allowing you to save more money for your home
  • When you purchase your home and use your FHSA funds towards the home, the money isn't added back on your income 
  • Investment Options - Invest in a savings account or take advantage of GFCU's great term deposit rates
  • Want to learn more - click here for more details
 
 
INVEST IN A FHSA, opens in a new tab
FHSApage
 

Need a hand?

Our experienced team is here to answer any FHSA questions and help you get set up.
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FHSA Rates

No matter your goal, our competitive term deposit rates can help you get there securely.
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