Products & Rates

First Home Savings Account (FHSA)

The First Home Savings Account (FHSA) is a registered investment account that allows a first-time home buyer to save for a down payment tax-free. With a wide range of investment and savings options, you can build an FHSA that fits your goals.

FHSA BASICS: WHAT YOU NEED TO KNOW

  • Any Canadian resident, between the ages of 18 to 71 with a valid Social Insurance Number (SIN), may open an FHSA as long as they are a first-time home buyer.
  • Invest up to your FHSA contribution limit. Annual contributions are capped at $8,000 up to a $40,000 lifetime contribution limit.
  • You can carry forward up to $8,000 in unused contributions, subject to the lifetime limit. Carry forward room begins once the FHSA is opened.
  • Contributions are tax deductible, and you don’t pay tax on any interest, dividends, or capital gains on your investment’s earnings.
  • Maximize the down payment on your qualifying first home by using the FHSA together with your RRSP Home Buyers Plan (HBP). Rules of repayment to the HBP still apply but you are not required to repay funds from the FHSA.
  • Your FHSA may be active for whichever comes first:
    • maximum account open time of 15 years.
    • end of the year when you reach the age of 71.
    • end of the year following your qualifying withdrawal for a first-time home purchase.
  • When starting out, save your money in an FHSA and, when you reach $1000, transfer the funds into an FHSA Fixed GIC for even higher interest.

For more information, visit the Government of Canada's website page, First Home Savings Account (FHSA).

Note: Interac e-Transfers® are not available for FHSAs. Withdrawals and contributions to your FHSA must be processed through your Outlook High Interest Savings Account first.

Open an FHSA Plan | Purchase another FHSA GIC | Transfer in an existing FHSA

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Rates effective
Jun 10, 2024

  • 3.45% Savings
  • 5.00% 1 Year Term
  • 4.80% 2 Year Term
  • 4.50% 3 Year Term
  • 4.45% 4 Year Term
  • 4.30% 5 Year Term
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