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Make your dreams of homeownership a reality with the help of the First Home Savings Account.

Introduced by the Government of Canada in 2022, this new registered savings plan is designed to help Canadians between the ages of 18 and 71 save towards a down payment on their first home, and it's

The FHSA combines the best tax benefits of both an RRSP and a TFSA. Contributions made are tax-deductible, and savings gains and qualifying withdrawals are tax-free. By contributing early, your investments can benefit from tax-free compounding growth, getting you one step closer to home ownership.


For a limited time, earn 1.95% when you open your First Home Savings Account with YNCU!

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Who's eligible for the FHSA?

To be eligible, you must meet each of the following requirements:

  • You are a resident of Canada at the time of purchase.

  • You are between the ages of 18 to 71.

  • You have a valid Social Insurance Number.

  • You are a first-time home buyer.

What are the contribution limits?

The maximum contribution limit for 2023 and each year following is $8,000, with a lifetime contribution limit of $40,000. Any unused contribution room can be carried forward and used in the subsequent year in addition to your $8,000 annual limit.

Over contributing will result in a penalty tax on the exceeded amount at a rate of 1% each month the overcontribution remains in your account.

What if I don't use my funds?

An FHSA can only be open for a maximum of 15 years and must be closed by the end of the year when the account holder reaches 71, whichever comes first. In addition, your FHSA must be closed within one year of making a qualifying purchase. 

Any unused funds being held in an FHSA can be transferred to an RRSP or RRIF tax free, or you can choose to withdraw the remaining balance on a taxable basis.


What is a qualifying withdrawal?

  • You must be a first-time home buyer living in Canada at the time of the withdrawal for the acquisition of your qualifying home.

  • You must have a written agreement to buy or build a qualifying home located in Canada before October 1 of the following year of the withdrawal.

  • You must not have acquired the qualifying home more than 30 days before making the withdrawal.

  • You must occupy or intend to occupy the qualifying home as your principal residence within one year of buying or building it.

A qualifying home is an existing or to-be-constructed detached or semi-detached home, townhome, mobile home, and condominium or apartment. A share in a co-operative housing corporation the entitles you to own and gives you an equity interest in a unit also qualifies.

Get a headstart on your savings plan.

YNCU offers a wide-range of investment products to help maximize your earning potential.
Meet with an advisor to develop your customized savings plan.