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.

Who can benefit from FHSA?
If you are a Canadian resident, aged [18] 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.

Eligibility
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.

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.