Buying your first home is one of the biggest financial decisions you’ll ever make — and the First Home Savings Account (FHSA) is designed to help make that dream a reality faster and easier. Introduced by the Government of Canada, FHSA combines the best features of both RRSP and TFSA to help you save up to $40,000 tax-free for your first home.

At Punjab Insurance Calgary, our financial experts can help you open, manage, and grow your FHSA — so you’re one step closer to owning your first home.

🏠 What is FHSA?

The First Home Savings Account is a registered savings account that allows eligible Canadians to:

• Contribute up to $8,000 per year (lifetime maximum of $40,000)
• Deduct contributions from taxable income (like an RRSP)
• Withdraw funds tax-free to buy a qualifying first home (like a TFSA)

It’s a powerful tool that combines tax-deductible contributions and tax-free withdrawals, making it the smartest way to save for your first home.

FHSA Key Features & Benefits

• Annual Contribution Limit: Up to $8,000/year
• Lifetime Contribution Limit: $40,000
• Tax Deductible: Contributions reduce your taxable income
• Tax-Free Withdrawals: For the purchase of a qualifying first home
• Unused Contribution Room: Carries forward to the next year (up to $8,000)

👤 Who is Eligible to Open an FHSA?

To open an FHSA, you must:

• Be a Canadian resident
• Be at least 18 years old
• Be a first-time home buyer (haven’t owned a home in the current or past 4 calendar years)