I'm now a member. How do I open my FHSA?
- Log into online banking
- Select Accounts > Open Account > Registered Accounts > FHSA Savings Account
Earn Tax-Free
You won't pay any tax on the interest you earn on your FHSA. Your money will grow tax-free!
Enjoy Tax Deductions
Just like with an RRSP, the contributions you make to an FHSA are tax deductible.
Earn 4.25%*
You'll earn interest at a 4.25%* interest rate no matter what your balance is!
Enjoy No Minimums
There are no minimum balance requirements. Enjoy every account benefit, no strings attached!
First Home Savings Account Requirements
Identification
You and your child will need a Social Insurance Number (SIN). You will also need one of these documents:
- Canadian Driver's License
- Indian Status Card
- Provincial Photo ID (not including Quebec)
Unexpired Passport from:
- Canada
- Australia
- China
- India
- Mexico
- Philippines
- Singapore
- Taiwan
- United States
Eligibility
You are eligible if you are:
- A Canadian resident (not including Quebec)
- 18 to 71 years of age
- A first-time home buyer
Member Share
You'll need to purchase a $5 membership share (new members only).
How to Apply for an FHSA
Digital Banking
If you're already a member, you can apply through digital banking.
- Login
- Choose Accounts > Open Account > Registered Accounts > FHSA Savings Account
Apply Online
Complete our short FHSA form and you'll hear from us soon about opening your account.
Need help deciding which savings product is best?
Calculator
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Try our Savings Selector Tool for personalized recommendations.
Blogs
Check out our savings blogs like our First Home Savings Account article.
FHSA vs RRSP
| FHSA | RRSP | |
| What can I save for? | Your first home | A home, education, or retirement |
| How much can I contribute? | $8,000/year (up to a maximum of $40,000) | 18% of previous year's income (up to $33,810 for 2026) |
| What are the tax benefits? | Investment grows tax-free. Your contributions are tax deductible.. | Reduces taxable income and the investment grows tax-free. |
| What happens if I make a withdrawal? | Withdrawals for your first-home purchase are tax-free. | Taxed as income (excluding withdrawals for Home Buyers’ Plan and Lifelong Learning Plan) |
| When's the contribution deadline? | December 31st | 60 days after December 31st |
| What's the impact on government benefits? | There's no impact on other benefits | Withdrawals may impact other government benefits that are based on your income |
| Are there any withdrawal stipulations? | Make sure your withdrawal is a qualifying withdrawal to avoid CRA penalties | Must transfer RRSP funds to a RRIF at age 71 |
Questions
What's the maximum I can contribute to the account?
You can contribute up to $8,000 as an annual contribution limit, with a lifetime limit of $40,000. If you exceed these limits, over contribution penalties apply.
There’s also an option to carry forward any unused contribution room to the following year.
Can I redeem my FHSA?
You sure can! Innovation doesn't charge a withdraw fee. However, make sure that your withdrawal is a qualifying withdrawal to avoid CRA penalties. For more information, see our FHSA brochure (pdf).
Can I set up automatic transfers to my FHSA?
You bet! You can set up transfers for any frequency or amount. And transfers, deposits and withdrawals are always free and without penalty!
What if I don't use my FHSA for a first home?
You can transfer funds from your FHSA to an RRSP or RRIF without any immediate tax consequences. It must be a direct transfer and the amount must be within FHSA contribution limits.
Can I use FHSA funds for a mortgage pre-approval?
Yes, if you’ve met all eligibility requirements; you can use these funds for your first-home pre-approval application.
Can I use FHSA funds to pay for an appraisal?
Yes! FHSA funds are meant to support your overall home purchase. So, you can use your account funds to help cover the cost of an appraisal.
Can I use FHSA funds for bridge financing?
Sorry, no. FHSAs are only available to individuals who qualify as first-time home buyers. Since bridge financing is used to cover the timing gap between purchasing a new home and selling an existing one, it typically applies to current homeowners who would not meet that eligibility requirement.
Learn more about FHSA features, rules, and requirements:
- FHSA Brochure (pdf)
- FHSA Blog - Build Up a Tax-Free Home Savings Account
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 Chequing 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).