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  1. SAVE
  2. Registered Accounts
  3. First Home Savings Account (FHSA)

FIRST HOME SAVINGS ACCOUNT (FHSA)

WHO IT'S FOR:

  • First-time home buyers: Planning to buy within 15 years? This account helps you save with tax advantages.
  • Young savers: Ideal for early-career individuals starting to build a down payment, even if homeownership is years away.
  • Supportive families: Great for parents or grandparents who want to help the next generation get into their first home.

FEATURES & BENEFITS

  • Annual contribution limit: $8,000
  • Lifetime contribution limit: $40,000
  • Tax-free investment growth
  • Carry-forward option for unused contribution room up to two years
  • Funds can be transferred from an RRSP
  • Can be combined with the Home Buyers’ Plan (HBP) for additional down payment support
  • 15-year usage window from the date of account opening (or until age 71)
To qualify for an FHSA, you must be:
  • A Canadian resident,
  • 18 years or older*, and
  • A first-time home buyer1.

*18 years of age, or the age of majority in your province or territory.
1You are considered a first-time homebuyer if you or your spouse/common-law partner haven't owned any home the year you open your FHSA or four years prior.

START SAVING WITH THE RIGHT FHSA

REGISTERED ISAVE

Grow your long-term savings with no minimum deposit, high interest, and tax-deferred earnings—all in one flexible account.

Key features:

  • Unlimited deposits
  • Automatic contributions
  • Free e-Statements (paper statements available for $2.50 per month)

REGISTERED WEALTH ACCUMULATOR

Start saving for retirement with just $25. Enjoy tax-deferred growth, flexible contributions, and higher interest—all in a simple, automated plan built around your goals.

Key features:

  • Customizable savings plan
    • Set your goal, schedule, payment amount, and term (1 to 5 years)
  • Automatic contributions from your personal account
  • Make additional deposits anytime to reach your goal faster

REGISTERED TERM DEPOSIT

Lock in guaranteed returns and grow your retirement savings tax-free—ideal for long-term planners looking to maximize RRSP contribution room.

Key features:

  • Minimum investment: $500
  • Terms available from 1 to 5 years
  • Redeemable only at maturity
  • Non-registered options also available

TFSA vs. RRSP vs. FHSA: What’s the Difference?

Feature TFSA (Tax-Free Savings Account) RRSP (Registered Retirement Savings Plan) FHSA (First Home Savings Account)
Tax Treatment Contributions are not tax-deductible, but withdrawals are tax-free Contributions are tax-deductible, but withdrawals are taxed Contributions are tax-deductible, and qualifying withdrawals are tax-free
Contribution Room Fixed annual limit (indexed to inflation); unused room carries forward 18% of previous year’s income (up to a max); unused room carries forward $8,000/year up to $40,000 lifetime; unused room carries forward
Withdrawals Tax-free and can be re-contributed in future years Taxable and cannot be re-contributed unless using special programs Tax-free if used for a qualifying first home purchase; otherwise taxable
Best For Flexible savings goals, emergency funds, or short/long-term investing Long-term retirement savings, especially for higher-income earners First-time homebuyers saving for a down payment
Impact on Benefits No impact on income-tested benefits (e.g., OAS, GIS) Withdrawals may affect income-tested benefits No impact on income-tested benefits
Age Limits Available to anyone 18+ with no upper age limit Must stop contributing by age 71 and convert to RRIF or annuity Must be opened between ages 18–71; must be used within 15 years or by age 71
Use for Home Buying No specific program, but funds can be used freely Eligible for the Home Buyers’ Plan (HBP) with repayment requirement Specifically designed for first-time home purchases, no repayment required
*Registered products (TFSAs, RRSPs, RIFs, LIFs and PRIFS) do not participate in our ProfitShares program due to regulations. Instead, more favourable rates are offered.
**Deposits are fully guaranteed by Credit Union Deposit Guarantee Corporation. For more information, visit www.cudgc.sk.ca. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.
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