Open a No-Fee Bank Account
Open a No-Fee Bank Account using the promo code FHSA25
Open Your FHSA
Open your FHSA within 30 days of opening your No-Fee Bank Account.
Start Saving
Deposit at least $1,000 before November 30, 2025, and you'll receive a $100 bonus!*
Reach your down payment goal quickly and easily online!
FHSA Eligibility Requirements
Frequently Asked Questions
How do I open an FHSA online?
Once you're an Innovation member, you can:
- Log into digital banking
- Select Accounts > Open Account > Registered Investments > First Home Savings Account
- Follow the prompts and you're set
Not an Innovation member yet? Open a No-Fee Bank Account in minutes! Start enjoying free banking today.
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!
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).