New
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

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.
Comparing Registered Accounts
| FHSA | RSP | TFSA |
---|---|---|---|
Tax Deductible Contributions | Yes | Yes | No |
Dollar Limit on Contributions | Yes | Subject to Canadian Revenue Agency (CRA) regulations | Subject to Canadian Revenue Agency (CRA) regulations |
Repayment on Withdrawals | No | Yes (Home Buyers Plan) | No |
Tax-Free Withdrawals | Yes | No (exception- Home Buyers Plan) | Yes |
Frequently Asked Questions
This general description of our registered product is provided to you for informational purposes only and is not intended to be and should not be construed as tax advice or any other investment advice of any kind. Scotia iTRADE does not provide investment advice or recommendations of any kind, including tax advice. Individual circumstances will influence your investment decisions and you should consult with your own tax and investment advisor.