First Home Savings Account (FHSA) Contributions
This page will describe what you need to know about making First Home Savings Account (FHSA) Contributions.
It is anticipated that all the banks (and their associated investment firms), insurance companies, credit unions, and investment firms in Canada will provide FHSAs to their customers at some point in the future.
In Canada the main banks are: the Royal Bank of Canada (RBC), Toronto Dominion Bank (TD), Bank of Montreal (BMO), CIBC, Scotia Bank, and National Bank.
In Canada the main insurance companies are: Sunlife and Manulife.
There are many investment firms such as: Interactive Brokers, Questtrade, Wealthsimple, and Raymond James that will likely also offer FHSAs to their customers.
As of Summer 2023, very few have started offering their customers FHSAs. We have compiled a list of those who have started offering this to their customers.
General Information
We anticipate that opening a FHSA at any of the providers will be similar to opening a Tax-Free Savings Account (TFSA) is done.
However, each provider will have it's own set of offers, rules and forms to fill out to apply to open a FHSA account.
Additionally, not all providers may offer the same set of allowable investments. For example, some providers may not allow investments in US stock.
Also be aware of fees to open/close FHSA accounts and fees tied to the investments. These will be different at each provider.
FHSA Providers Table
This is a table of the FHSA providers in Canada that we are aware of.
This table is as of August 1, 2023
| Provider | Has FHSA? |
|---|---|
| Bank of Montreal (BMO) | unknown |
| Canadian Imperial Bank of Commerce (CIBC) | unknown |
| Desjardins | unknown |
| EQ Bank | unknown |
| Fidelity Investments Canada | unknown |
| Toronto Dominion Bank (TD) | unknown |
| HSBC | unknown |
| Interactive Brokers | unknown |
| Manulife | unknown |
| National Bank | unknown |
| QTrade | unknown |
| QuestTrade | unknown |
| Raymond James | unknown |
| Royal Bank of Canada (RBC) | unknown |
| Scotiabank | unknown |
| Sunlife Canada | unknown |
| Tangerine Bank | unknown |
| Vancity Credit Union | unknown |
| Wealthsimple | unknown |
FAQs
These are the FAQs about FHSA Contributions.
How much can I contribute each year into my FHSA account?
You can contribute up to $8000 per year until you reach the maximum amount of $40,000.
Why was the $40,000 chosen as the maximum amount of the FHSA?
$40,000 was chosen because at the time it was proposed it was about 5% of the average Canadian home price.
Disclaimer
Disclaimer: The information on this website is for informational purposes only. Please get professional advice before opening any account or making any transactions.