Top FHSA (First Home Savings Account) Options in Canada 2026

Canadians now have a new tool to save for a home down payment: the First Home Savings Account (FHSA). Also called the tax-free FHSA, the account provides up to $40,000 in tax-advantaged savings room for eligible first-time home buyers. Since its launch, hundreds of thousands of Canadians have opened FHSAs. This article answers common questions about the FHSA, summarizes where you can open one today, compares interest rates on cash balances, and explains how to choose the right FHSA for your needs.

Frequently asked questions about FHSAs

Where are FHSAs currently available?

Financial institutions across Canada have begun rolling out FHSAs. The first FHSA became available in April 2023, and since then more than 20 banks, credit unions, brokerages and robo-advisors have added FHSA products. Availability varies by provider: some accounts can be opened fully online, while others require an in-branch visit or a meeting with an advisor. Expect more institutions to expand FHSA access over time.

Can you use the FHSA and the Home Buyers’ Plan (HBP) together?

Yes. Canadians are permitted to use both FHSA withdrawals and the RRSP Home Buyers’ Plan (HBP) on the same qualifying home purchase. This allows first-time buyers to combine tax-free FHSA savings with an HBP RRSP withdrawal to increase the total funds available for a down payment.

Are FHSA contributions tax-deductible?

Yes. Contributions to an FHSA are tax-deductible, similar to an RRSP contribution. Note that contributions made in the first 60 days of a calendar year are not deductible against the prior year’s income tax return, which differs from how some RRSP timing rules operate.

Where you can open an FHSA right now

More than 20 financial institutions currently offer FHSAs. Providers vary in service model, account types and investment options. Below is a concise summary of commonly available FHSA options. Service details and promotional offers change frequently; confirm current terms with the provider before opening an account.

BMO FHSA

Available as a savings account or investment account. Not offered as a self-directed account through the online investor platform. Must speak with a BMO investment professional to open.

CIBC FHSA

Offered as a savings option and a self-directed account through the brokerage platform. Investment choices include cash, GICs, bonds, stocks and mutual funds. A small minimum deposit may apply to open the account.

Desjardins FHSA

Offered as a savings account with cash-only investment options. Promotional introductory rates may be available at times.

EQ Bank FHSA

Available as a savings account (availability may vary by province). Requires opening a linked personal account. Interest is calculated daily and paid monthly to the linked account.

Fidelity FHSA

Offered through investment dealer channels and financial advisors. Typically available via advisor-managed accounts rather than pure online self-directed accounts.

Hubert Financial FHSA

Offered as savings accounts or term deposits and available as a self-directed account through certain brokerages. Deposits may be guaranteed by a provincial deposit insurer for the issuing credit union.

Justwealth FHSA

Managed robo-advisor accounts offering diversified ETF portfolios, including target-date options that can reduce risk as you approach a home purchase.

Meridian FHSA

Available as savings accounts, managed wealth accounts or self-directed brokerage accounts. Promotional rates are sometimes offered on new deposits.

National Bank FHSA

Available as savings accounts and self-directed brokerage accounts. Investment options typically include cash and securities.

Qtrade FHSA

Self-directed account offering stocks, bonds and other securities. Sign-up promotions have been offered periodically.

Questrade FHSA

Self-directed accounts through Questrade and managed portfolios through Questwealth Portfolios. Minimum deposit requirements may apply.

RBC FHSA

Available as a self-directed brokerage account and as managed portfolios. Supports a broad range of investment options including stocks, ETFs, mutual funds and GICs.

Saven Financial FHSA

Mobile-first savings account offered by a credit union division. Requires membership in the sponsoring credit union to open.

Scotiabank FHSA

Offered as a savings product in selected channels. Online availability varies by offering.

Sun Life FHSA

Investment accounts primarily offered through financial advisors; mutual funds are a typical investment option.

TD FHSA

Investment accounts available through branches. Online brokerage and automated investing options may be added over time; branch appointment is typically required to open.

Wealthsimple FHSA

Offered as both managed portfolios and self-directed trading accounts. Managed portfolios use diversified ETFs; self-directed accounts allow trading of stocks and some ETFs.

Compare FHSA savings rates on cash

Some FHSA savings accounts pay interest on cash balances; promotional rates may be offered for a limited time. Rates change frequently, so confirm the current rate with the provider before opening an account. The table below shows representative savings rates for cash balances at the time of publication.

FHSA provider	Savings rate	Promotion ends
BMO	2.00%	n/a
CIBC	2.00%	n/a
Desjardins	2.50%	n/a
EQ Bank	1.50%	n/a
Hubert Financial	2.30%	n/a
Meridian	2.75%	n/a
National Bank	0.55% to 2.25% (based on balance)	n/a
Saven Financial	2.85%	n/a
Scotiabank	0.25%	n/a
TD	0.05%	n/a

MoneySense insight

Eligible deposits held in an FHSA at participating financial institutions are covered by deposit insurance up to specified limits; coverage differs by the type of institution and the deposit product. Investment holdings within registered accounts may also have protection through investor protection organizations. Always confirm deposit insurance and investor protection details with your provider.

How to choose an FHSA

Choosing the right FHSA depends on your goals, timeline and comfort with investing. Consider the following factors before you open an FHSA:

Type of service: Do you prefer online self-serve platforms, a robo-advisor, or regular access to an investment advisor? Service level affects convenience and guidance.
Investment options: If you plan to invest your FHSA savings, choose a provider that offers the securities, ETFs, GICs or mutual funds you want.
Fees: Compare trading fees, management fees and account maintenance costs. Fees can erode returns over time, especially for smaller account balances.
Interest rates on cash: If you intend to keep your FHSA balance in cash, pick the account with the most competitive interest rate and suitable terms.
Minimums and promotions: Check minimum deposit requirements and any limited-time offers that can boost early savings.

A guide to FHSAs in Canada

What is an FHSA?

An FHSA (First Home Savings Account) is a registered, tax-advantaged account created to help eligible Canadians save for a first home down payment. You can contribute up to $8,000 per year, to a lifetime limit of $40,000. Contributions are tax-deductible and qualifying withdrawals for a home purchase are tax-free. Investment growth inside the FHSA is not subject to tax while funds remain in the account and are used for an eligible home purchase.

FHSA start date

FHSAs became available on April 1, 2023. They are offered by banks, credit unions, insurance companies, trust companies and brokerages in the same channels where other registered accounts are available.

FHSA rules

Key rules include: account holders must be Canadian residents aged 18 or older and qualify as first-time home buyers. The FHSA can remain open for up to 15 years or until the end of the year you turn 71, or until the end of the year after you buy a qualifying home, whichever comes first.

Unused contribution room can be carried forward up to a maximum of $8,000, allowing a maximum contribution of $16,000 in a year if you did not contribute at all the previous year. Contribution room starts to accumulate only after you open the account.

Who can open an FHSA?

To open an FHSA you must be at least 18, be a resident of Canada and qualify as a first-time home buyer. That generally means you have not lived in a home you owned in the previous calendar year or at any time in the four preceding calendar years, and the same condition applies to your spouse or common-law partner.

What investments can you hold in an FHSA?

FHSAs accept the same qualified investments permitted in similar registered accounts. Typical eligible assets include mutual funds, publicly traded securities (stocks and ETFs), government and corporate bonds, and guaranteed investment certificates (GICs). Prohibited holdings include land, shares of private corporations and general partnership units.

What happens if you don’t buy a home?

If you do not use FHSA funds to purchase a qualifying home, you can transfer the balance to an RRSP or an RRIF without penalty and without affecting your RRSP contribution room. Withdrawals from the RRSP or RRIF will be taxable when taken out, unlike tax-free FHSA withdrawals used for an eligible home purchase.

Using an FHSA with other programs

FHSAs can be combined with the Home Buyers’ Plan (HBP) from an RRSP. Combining FHSA and HBP withdrawals can increase the total funds available for a down payment. Plan your strategy to balance tax consequences and repayment obligations (HBP amounts must be repaid over time).

FHSAs: How they compare to RRSPs and TFSAs

FHSA features blend elements of RRSPs and TFSAs: contributions are tax-deductible like an RRSP, and qualifying withdrawals are tax-free like a TFSA. Annual and lifetime contribution limits, carry-forward rules and primary purposes differ between the three account types, so consider each account’s role in your overall savings strategy.

Are FHSA deposits insured?

Eligible deposits held in FHSAs at participating institutions are covered by deposit insurance up to applicable limits. Coverage varies by product and by the deposit insurer that covers the institution, so confirm details with your provider.

Will the FHSA help first-time home buyers?

The FHSA is a useful saving tool but is not a standalone solution for most buyers. High home prices, mortgage qualification requirements and rental costs are still significant barriers. Many first-time buyers will combine FHSA savings with TFSA savings, RRSP/HBP withdrawals and other strategies to reach a down payment target.