Self-directed First Home Savings Account (FHSA)

A self-directed FHSA from TD Easy Trade can make saving for a down payment easy.

Earn and withdraw tax-free

Qualifying withdrawals, including any growth are tax-free.
Combine, grow, own

Combine the benefits of an FHSA, RRSP, and TFSA to own a home sooner.
Save on taxes when you contribute

Contributing to your FHSA can reduce your taxable income which could result in a tax refund.

What is a First Home Savings Account (FHSA)?

A FHSA combines some of features of an RRSP and TFSA into a single account. Contributions are typically tax-deductible and you won’t pay tax on any qualifying withdrawals.¹

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Am I eligible for an FHSA?

To open an FHSA, you must:

Be a Canadian resident
Be between the age of majority in your province or territory and 71 years old²
Be a first-time home buyer³
Have a valid Social Insurance Number (SIN)

How does an FHSA work?

$40,000

The maximum lifetime contribution limit ⁴.

$8,000

The yearly tax-deductible limit.

15 years or until age 71 or the year following a qualifying withdrawal

The latest time this account can stay open, whichever comes first.

1 year

The carry-over period for the previous year's unused contribution to a maximum of $8000.

Comparing FHSA to RRSP and TFSA at TD Easy Trade

The FHSA is a registered plan that combines some features of a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA) to help you save for your first home.


	FHSA	RRSP	TFSA
How does it help me buy a house?	You can use the funds in your FHSA to purchase your first home.	You can withdraw RRSP funds (up to $60,000) towards your qualifying home purchase under the Home Buyers’ Plan (HBP)⁵.	You can use funds from your TFSA to purchase a home.
What is the maximum contribution for 2024?	$8,000 (carry-forward rules apply)⁶. The total contribution room at any given time cannot exceed $16,000.	18% of last year's income up to $31,560⁷(you can carry forward unused contribution room from previous years).	$7,000 (unused contribution room can be carried forward and amounts withdrawn may be recontributed in a subsequent year).
Can I carry forward unused contributions?	Yes, only the previous year's unused contribution up to $8,000.	Yes.	Yes.
What is the maximum lifetime contribution?	$40,000 over 15 years	N/A	N/A
What are the eligibility requirements for opening an account at TD Waterhouse?	Age of majority to 71 years Canadian resident Have a valid SIN Must be a first-time home buyer³	Age of majority to 71 years Canadian resident Have a valid SIN	Age of majority Canadian resident Have a valid SIN
Will I get a tax deduction on eligible contributions?	Yes, except for transfers into your FHSA from your RRSP, although these transfers still reduce FHSA contribution room.	Yes, except transfers into your RRSP from your FHSA (these transfers do not reduce RRSP contribution room).	No.
Do I need to repay the funds I use to buy a home?	No.	Yes, within 15 years.	No.
Can I invest using Canadian and U.S. currency?	No, Canadian only.	Yes.	Yes.
Are there conditions for making a withdrawal to purchase a qualifying home?	Yes, you must use the funds to buy or build your first home. See Canada Revenue Agency (CRA) website for complete details.	Yes, under the HBP. See CRA website for complete details.	N/A
How can I fund my TD Easy Trade accounts?	With cash contributions and in-cash transfers only⁸.	With: Cash contributions In-cash transfers In-kind contributions In-kind transfers	With: Cash contributions In-cash transfers In-kind contributions In-kind transfers

How does it help me buy a house?

You can use the funds in your FHSA to purchase your first home.

What is the maximum contribution for 2024?

$8,000 (carry-forward rules apply)⁶. The total contribution room at any given time cannot exceed $16,000.

Can I carry forward unused contributions?

Yes, only the previous year's unused contribution up to $8,000.

What is the maximum lifetime contribution?

$40,000 over 15 years

What are the eligibility requirements for opening an account at TD Waterhouse?

Age of majority to 71 years
Canadian resident
Have a valid SIN
Must be a first-time home buyer³

Will I get a tax deduction on eligible contributions?

Yes, except for transfers into your FHSA from your RRSP, although these transfers still reduce FHSA contribution room.

Do I need to repay the funds I use to buy a home?

No.

Can I invest using Canadian and U.S. currency?

No, Canadian only.

Are there conditions for making a withdrawal to purchase a qualifying home?

Yes, you must use the funds to buy or build your first home. See Canada Revenue Agency (CRA) website for complete details.

How can I fund my TD Easy Trade accounts?

With cash contributions and in-cash transfers only⁸.

How does it help me buy a house?

You can withdraw RRSP funds (up to $60,000) towards your qualifying home purchase under the Home Buyers’ Plan (HBP)⁵.

What is the maximum contribution for 2024?

18% of last year's income up to $31,560⁷(you can carry forward unused contribution room from previous years).

Can I carry forward unused contributions?

Yes.

What is the maximum lifetime contribution?

N/A

What are the eligibility requirements for opening an account at TD Waterhouse?

Age of majority to 71 years
Canadian resident
Have a valid SIN

Will I get a tax deduction on eligible contributions?

Yes, except transfers into your RRSP from your FHSA (these transfers do not reduce RRSP contribution room).

Do I need to repay the funds I use to buy a home?

Yes, within 15 years.

Can I invest using Canadian and U.S. currency?

Yes.

Are there conditions for making a withdrawal to purchase a qualifying home?

Yes, under the HBP. See CRA website for complete details.

How can I fund my TD Easy Trade accounts?

With:

Cash contributions
In-cash transfers
In-kind contributions
In-kind transfers

How does it help me buy a house?

You can use funds from your TFSA to purchase a home.

What is the maximum contribution for 2024?

$7,000 (unused contribution room can be carried forward and amounts withdrawn may be recontributed in a subsequent year).

Can I carry forward unused contributions?

Yes.

What is the maximum lifetime contribution?

N/A

What are the eligibility requirements for opening an account at TD Waterhouse?

Age of majority
Canadian resident
Have a valid SIN

Will I get a tax deduction on eligible contributions?

No.

Do I need to repay the funds I use to buy a home?

No.

Can I invest using Canadian and U.S. currency?

Yes.

Are there conditions for making a withdrawal to purchase a qualifying home?

N/A

How can I fund my TD Easy Trade accounts?

With:

Cash contributions
In-cash transfers
In-kind contributions
In-kind transfers

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Got questions? We have answers.

Yes, you are permitted to hold more than one FHSA. However, the total amount contributed to all your FHSAs cannot exceed the annual limit of $8,000 (plus any carry forward) and the lifetime limit of $40,000. Note, your maximum participation period begins at the time that you open your first FHSA.

For more information, please visit the Canada Revenue Agency (CRA) website.

You can submit your transfer request in one of these two ways:

Contact TD Easy Trade
Complete the applicable FHSA transfer form: Visit a TD Canada Trust branch with the completed form.

Here are the applicable forms for different types of transfers:

Transfer from an FHSA to another FHSA, RRSP or RRIF on Breakdown of Marriage or Common-law Partnership

Transfer from your RRSP to your FHSA

Transfer from your FHSA to your FHSA, RRSP or RRIF

Joint Designation for a Deemed Transfer or Distribution from an FHSA after the Death of the Holder:

Transfer from an FHSA to an FHSA, RRSP, or RRIF after the Death of the Holder:

Designate an Excess FHSA Amount as a Withdrawal from your FHSA or as a Transfer to your RRSP or RRIF:

For detailed instructions and more information, please visit the CRA website or contact your local TD branch.

Yes, you can. With the HBP, you're essentially borrowing money from your RRSP to help buy or build your first home; however, there are repayment requirements to consider.

For both, you must qualify as a first-time home buyer to withdraw the money and meet other conditions. If you and your spouse both qualify, you can access funds from both HBPs and FHSAs.

You can submit your withdrawal request in one of these two ways:

Contact TD Easy Trade
Complete the applicable FHSA withdrawal form: Visit a TD Canada Trust branch with the completed form.

Types of withdrawals:

Non-qualifying withdrawal:
- Call TD Direct Investing to initiate the withdrawal.
Qualifying withdrawal:
- This type of withdrawal is for purchasing a qualifying home. You will need to fill out the following form:
- RC725 (English)
- RC725 (French)
Designated Excess FHSA Amount:
- If you need to designate an excess amount as a withdrawal or transfer it to your RRSP or RRIF, use the following form:
- RC727 (English)
- RC727 (French)

For detailed instructions and more information, please visit the Canada Revenue Agency (CRA) website or contact your local TD branch.

Visit our online Help Centre

How to invest with an FHSA What is an FHSA and how does it work?

Learn about the First-Home Savings Account and how it can help you save for a down payment on your first home.
What is the Home Buyers' Plan?

Learn about the Home Buyers’ Plan and how it can help you leverage your RRSP for a down payment on your first home.

Find more articles

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Self-directed First Home Savings Account (FHSA)

Earn and withdraw tax-free

Combine, grow, own

Save on taxes when you contribute

What is a First Home Savings Account (FHSA)?

How does an FHSA work?

Comparing FHSA to RRSP and TFSA at TD Easy Trade

FHSA

RRSP

TFSA

More investment choices

Want an affordable way to start saving for a new home?

Got questions? We have answers.

Related articles

How to invest with an FHSA What is an FHSA and how does it work?

What is the Home Buyers' Plan?

Let's get started

Apply online

Need help?

Have a question? Find answers here

Popular Questions

Helpful Related Questions

Did you find what you were looking for?

See you in a bit

Self-directed First Home Savings Account (FHSA)

Earn and withdraw tax-free

Combine, grow, own

Save on taxes when you contribute

What is a First Home Savings Account (FHSA)?

How does an FHSA work?

Comparing FHSA to RRSP and TFSA at TD Easy Trade

FHSA

RRSP

TFSA

More investment choices

Want an affordable way to start saving for a new home?

Got questions? We have answers.

What investments can I hold in my FHSA at TD Easy Trade?

Can I hold more than one FHSA?

Can I use FHSA funds to buy a home jointly?

How do I make a transfer to or from my FHSA at TD Easy Trade?

Can I use both the Home Buyers' Plan (HBP) and FHSA for the same property?

How do I make a withdrawal from my FHSA at TD Easy Trade?

How can I make contributions, transfers, and withdrawals to my FHSA at TD Easy Trade?

Related articles

How to invest with an FHSA What is an FHSA and how does it work?

What is the Home Buyers' Plan?

Let's get started

Apply online

Need help?

Have a question? Find answers here

Popular Questions

Helpful Related Questions

Did you find what you were looking for?