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What is an FHSA - First Home Savings Account?

Unlock your path to owning your first home. The tax-free FHSA - First Home Savings Account is coming to Tandia this Fall.  An FHSA is a tax-free savings product designed to assist individuals in saving for the purchase of their first home. It’s a great way to grow your savings.

Your contributions reduce your taxable income (up to a lifetime maximum of $40,000), and you can withdraw the money - tax-free - for any qualifying home purchase. (Footnote 

FHSA with Tandia

You are considered a first-time home buyer if:

You are a Canadian resident.

You are between the ages of 18 and 71.

Additionally, you or your spouse can't own a home in which you lived, at any time in the year the account is opened or during the previous four calendar years.

IMPORTANT NOTE: You are not considered a first-time home buyer if you intend to purchase an investment property.

Tanida FHSA How it works

You can annually contribute up to $8,000 with a lifetime contribution limit of $40,000.

A maximum of $8,000 unused contribution room can carry forward to the following year. For example, if you contribute $6,000 to your FHSA in 2023, you’ll be allowed to contribute $10,000 in 2024.

The account can stay open for a maximum 15 years or until the end of the year you turn 71.

Tandia FHSA Benefits

Individuals may claim an income tax deduction for eligible FHSA contributions.

Your FHSA can hold a variety of qualified investments, including cash, Guaranteed Investment Certificates (GICs) and Mutual Funds.

What happens if I don't use the money in my FHSA?

If you don't use your FHSA to buy a home, you can transfer the funds to an RRSP account anytime within 15 years or at the time you need to close your account. The transfers will not impact your RRSP's contribution room.

Alternatively, you can withdraw the amount as cash, but the money would be subject to taxes.

Tandia FHSA want to know more?

Have questions and want to know more?

Contact us or call our Member Solutions Centre at
1-800-598-2891. We are here to help.

Balancing financing and expenses is a constant challenge. Use our Mortgage Calculator to figure out what the costs are. It's quick, accurate and easy to use.  Let us do the math.

As a first-time home buyer, you probably have many questions. Buying a home involves many decisions. The endless lingo and terms can seem overwhelming. There’s no better place for a tailored personalized mortgage than right here at Tandia. From Home Buyers’ Plan (HBP) to repayment of RRSP funds, let us partner with you each step of the way. Visit our buying a home guide and let's get you started. 

Welcome to an easy-going life with a Tandia Mortgage.

Here at Tandia, we’re proud to offer a comfortable mortgage experience and at a pleasantly low rate. We will work with you to ensure that your home financing suits your unique needs, while allowing the flexibility you want for the future.

You’re not just our customer, you are a member and an owner 

​That means you can be confident that your unique needs come first. We understand that everyone is different, and we tailor solutions that are just right for you. Our values prove it.


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Our representatives are ready-when-you-are to help with investment questions, advice and solutions. We can meet you where and how you want to meet. We are available by email, by phone, in person, or by video conferencing.
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