Save BIG for your first home, tax-free with an FHSA!

With a First Home Savings Account (FHSA), you can save for the down payment of your first home, tax-free! Pay no monthly fees plus enjoy a 5.15%* interest rate!

  • Get your approval in one business day!

Save BIG for your first home, tax-free with an FHSA!

A happy couple dreaming of a house. A happy dog dreaming of a doghouse.

Reach your down payment goal quickly and easily!

Enjoy Tax Deductions

Just like with an RRSP, the contributions you make to an FHSA are tax deductible.

Save on Taxes

You won't pay any tax on the interest you earn on your FHSA. Your money will grow tax-free!

Get a 5.15%* Rate

You'll earn interest at a 5.15%* interest rate no matter what your balance is!

Pay No Monthly Fees

Your Innovation FHSA charges no monthly fees! You'll save for your home that much faster.

Enjoy No Minimums

There are no minimum balance requirements. Enjoy every account benefit, no strings attached! 

FHSA Eligibility Requirements

Age 18 to 71

Resident of Canada*

Social Insurance Number

First-Time Home Buyer*

Innovation No-Fee Account Holder

Frequently Asked Questions

The maximum allowable contribution is $40,000. If you exceed this balance, over contribution penalites apply.

You sure can! And there are no redemption or withdrawal fees.

You bet! You can set up transfers for any frequency or amount. And transfers, deposits and withdrawals are always free and without penalty!

Learn more about FHSA features, rules, and requirements:

Rates subject to change without notice.

First Home Savings Account (FHSA)

Available for new customers and existing personal members who meet the following requirements:

  • Must be Canadian residents with a Social Insurance Number (SIN) who are at least age 18 (and no less than the age of majority in their province) and under age 71.
  • Applicant and/or spouse or common-law partner must not have owned a home where they lived in the current calendar year or at any time in the preceding four calendar years..
  • Newcomers, permanent residents, and certain temporary residents who meet the residency requirements for income tax purposes can open an FHSA. Typically, temporary residents, including work permit holders and international students, must reside in Canada for at least 183 days in a tax year to qualify as Canadian residents.
  • Must be an Innovation member with a No-Fee Bank Account.

Additional FHSA details:

  • There are no monthly FHSA account fees. 
  • Interest is calculated daily and paid at month end. 
  • Interest rates are as per rate sheet. 
  • Funds are redeemable
  • There is no minimum deposit balance required.
  • The maximum balance is $40,000.00 (i.e. maximum allowable contribution).  Over contribution penalties apply.
  • Pre-authorized transfers can be set up at any frequency and amount.
  • There are no redemption/withdrawal fees; Deposits, withdrawals, transfers always permitted without penalty
  • The default statement cycle is monthly.  No-charge e-statement available (requires email address and online/mobile banking access).