First Home Savings Account


Now you can make transfers to your Scotia iTRADE® First Home Savings Account on Scotia OnLine®.

Providing the best of both worlds

FHSA combines some of the best aspects of a Registered Savings Plan (RSP) and of a Tax-Free Savings Account (TFSA) while helping you save for your first home.

  • Helps you save for a home down payment
  • Investments grow tax-free!
  • Tax deductible contributions and non-taxable withdrawals
  • Contribute up to $8,000 annually with a lifetime maximum of $40,000

Getting started with the FHSA:

You are eligible for an FHSA if:

  • you are a Canadian resident between the ages of 18-71 and age of majority in your province or territory
  • you haven’t lived in a qualifying home in the current calendar year or the previous four calendar years

How can an FHSA be used?

  • An FHSA can be used to invest in stocks, ETFs, and options, in addition to other investment types such as Mutual Funds, Bonds, or GICs. Any investment gains within the account grow tax-free!
  • To maximize your account and investments you can contribute up to $8,000 annually up to a lifetime maximum of $40,000 and hold the account for up to 15 years from the date of account opening.  If you do not use the FHSA to purchase a home, investments can be transferred to an RSP. 

How to Open an FHSA?

Comparing Registered Accounts





Tax Deductible Contributions




Dollar Limit on Contributions


Subject to Canadian Revenue Agency (CRA) regulations
Subject to Canadian Revenue Agency (CRA) regulations

Repayment on Withdrawals


Yes (Home Buyers Plan)


Tax-Free Withdrawals


No (exception- Home Buyers Plan)


Frequently Asked Questions