Tax documents: For all tax receipts, see mailing schedule.
First Home Savings Account
Helping you achieve your goal of home ownership
In partnership with Aviso, Alterna is proud to offer the First Home Savings Account (FHSA) to help you save towards your first home.
What is the FHSA?
The FHSA is a registered savings account designed for prospective first-time homebuyers. Similar to an RRSP, it allows you to make tax-deductible contributions. But what sets it apart is its non-taxable withdrawals, similar to a TFSA, which you can use towards purchasing your first home. Plus, you don’t have to ‘pay back’ that withdrawal like you do when you use funds from your RRSP for a down payment.
First step for your first home
The key to unlocking your dreams of home ownership is the tax-free First Home Savings Account (FHSA).
This new registered savings account helps you save for the down payment on your first home faster, with:
▪ Tax-deductible contributions (up to $8,000 each year/lifetime limit of $40,000)
▪ Tax-sheltered savings (investment income and growth within the account are not taxable)
▪ Tax-free withdrawals (on qualifying withdrawals for a first home purchase)
Who can benefit from FHSA?
If you are a Canadian resident, aged  or above, and a first-time homebuyer, you can open an FHSA. You can contribute up to $8,000 annually, with a lifetime maximum of $40,000.
Maximize Your Savings with an FHSA
The FHSA empowers you to save efficiently for your first home. With tax-deductible contributions and tax-free growth, your savings can multiply faster. Plus, you can also carry forward unused contribution room (up to $8,000), ensuring you don't lose out as your income grows.
The FHSA is open to Canadian residents 18 to 71. To participate, an individual cannot be living in a home owned by that person in the year the account is opened, or in any of the four preceding calendar years. This includes a home owned by a spouse or common law partner, similar to the RRSP home buyer’s plan, discussed below.
No tax will apply on FHSA withdrawals used for the purchase of a new home, but only one property will qualify for this special treatment over an individual’s lifetime. All FHSA accounts must be closed by the end of the year following the year of a first qualifying withdrawal, after which the individual may not open another FHSA.
All about the tax-free first home savings account
The Canadian government’s new First Home Savings Account (FHSA) came into effect on April 1, 2023. This new registered savings account allows prospective first-time home buyers to save for a down payment on a tax-free basis.
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Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Qtrade Securities Inc. Credential Asset Management Inc. and Credential Qtrade Securities Inc. are wholly owned subsidiaries of Aviso Wealth Inc.
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