Save for Your First Home in Canada: A Guide to FHSA for Newcomers

June 11, 2026 · WOWERI

The Canadian government introduced the First Home Savings Account (FHSA) to help newcomers save for their first home. Learn how it works.

Introduction to FHSA

The Canadian government introduced the First Home Savings Account (FHSA) to help newcomers save for their first home. This account is designed to help newcomers accumulate funds for their first home in Canada.

How it Works

The FHSA is a registered savings plan that allows newcomers to contribute up to $40,000 per year. The amount contributed to the FHSA is tax-free, and the funds can be used to purchase a first home in Canada.

Eligibility for FHSA

To be eligible for the FHSA, newcomers must meet the following requirements:

• be a resident of Canada
• be 18 years of age or older
• not have previously owned a home in Canada

How to Open an FHSA

To open an FHSA, newcomers can contact a financial institution that offers this type of account. They must provide documents that prove their identity and residency in Canada.

Source: cicnews.com