The First Home Savings Account (FHSA) is an attractive savings solution that helps facilitate access to homeownership. Contributions to the plan are deductible, earnings grow tax-free, and withdrawals are not taxed if you are considered a first-time home buyer for an eligible property.
1
With the Bâtirente FHSA, you can invest your funds in the same investment options available in your group plan. You may withdraw funds at any time to purchase a first home. If the withdrawal qualifies as eligible, it will not be taxable.
2
Whether or not you are a first-time buyer, it is important to review the different eligibility criteria to see if you are entitled to open an FHSA.
Eligibility criteria
You can open an FHSA account now, but only if you meet all the following criteria:
- You’re 18 or older (not more than 71 on December 31)
- You’re a Canadian resident
- You or your spouse or common-law partner didn’t own a primary residence you were living in the year before the account was opened or during the previous four calendar years
Find out more about the Bâtirente FHSA
1A qualifying home is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes or apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in a housing unit in Canada, also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.
2To make a non-taxable withdrawal from your FHSA, you must meet the conditions described in form RC725 Request to Make a Qualifying Withdrawal from your FHSA.The First Home Savings Account (FHSA) is an attractive savings solution that helps facilitate access to homeownership. Contributions to the plan are deductible, earnings grow tax-free, and withdrawals are not taxed if you are considered a first-time home buyer for an eligible property.1
With the Bâtirente FHSA, you can invest your funds in the same investment options available in your group plan. You may withdraw funds at any time to purchase a first home. If the withdrawal qualifies as eligible, it will not be taxable.2
Whether or not you are a first-time buyer, it is important to review the different eligibility criteria to see if you are entitled to open an FHSA.
Eligibility criteria
You can open an FHSA account now, but only if you meet all the following criteria:
- You’re 18 or older (not more than 71 on December 31)
- You’re a Canadian resident
- You or your spouse or common-law partner didn’t own a primary residence you were living in the year before the account was opened or during the previous four calendar years
Find out more about the Bâtirente FHSA
1A qualifying home is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes or apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in a housing unit in Canada, also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.
2To make a non-taxable withdrawal from your FHSA, you must meet the conditions described in form RC725 Request to Make a Qualifying Withdrawal from your FHSA.
