The FHSA is a special savings account designed to help Canadians save for their first home. It combines the benefits of a tax-free savings account (TFSA) and a registered retirement savings plan (RRSP):

• Contributions are tax-deductible (like an RRSP).

• Withdrawals for your first home are tax-free (like a TFSA).

• You can save up to $8,000 per year, with a lifetime limit of $40,000.

• Funds must be used to buy your first home.

The FHSA is a great way to grow your savings faster while getting tax advantages, making it easier to buy your first home.