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Glossary term

FHSA

First Home Savings Account (Canada)

🇨🇦Canada · Tax Year 2026Reviewed Plain-English
Definition

What is FHSA?

FHSA combines RRSP and TFSA benefits for first-time homebuyers. Contributions are tax-deductible (like RRSP), withdrawals for a qualifying home purchase are tax-free (like TFSA). Annual limit $8,000, lifetime cap $40,000. Must use within 15 years or convert to RRSP.

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