Wealthsimple is getting ready to offer both managed and self-directed trading FHSAs to our clients, and we've created a waitlist for anyone interested. To add your name to the waitlist, add your information here.

What is an FHSA?

An FHSA is a Tax-Free First Home Savings Account, designed to help Canadians save for their first home purchase. This account combines many of the benefits of a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA). 

Specifically, these accounts are meant to help Canadians save up to $40,000 toward buying their first eligible home (in Canada). You can contribute as much as $8,000 per year, and unused portions of your contribution limit carry forward. 

Example

To learn more about FHSAs and all that they offer, check out our article here.

Eligibility requirements

Before you open an FHSA, you should make sure that you are eligible for the tax benefit that it offers. To be eligible to open an FHSA, you must meet the following requirements:

• Be a resident of Canada
• Be at least 18 years old, but no older than 71 years
• Be a first-time home buyer, as defined by the CRA