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First home savings account

Make the most of your savings as a first-time home buyer


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Annual contribution limit of $8,000

Maximum amount you can contribute each year or carry forward to the following year.
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Life time contribution limits of $40,000

Life time maximum contribution allowable over 15 years.
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Tax sheltered

Your contributions and withdrawals are sheltered from taxes.
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Customized investment products

Equities*, term deposits, mutual funds* and more are available to help you fund the purchase of a home.

Who is eligible?

The FHSA is a phenomenal savings tool that is available to all Canadian residents that meet the following criteria.


You must be between the ages of 19 and 71.

Prior Home-Ownership

To classify as a first-time home buyer, you can't have owned a home this year or in any of the previous four years. See FAQ below for more details.

SIN Number

You must be a tax resident of Canada and possess a Social Insurance Number (SIN).
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Build a Better Portfolio with our Wealth Management Specialists

Our Aviso Wealth Management specialists offer our members a wide range of investment products, including mutual funds!

*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.


FHSA - Frequently Asked Questions (FAQ)

Make an appointment to speak with one of our dedicated staff, or talk to a Wealth Advisor.

For the purposes of opening an FHSA an individual will be considered a first-time home buyer if they did not, at any time in the current calendar year before the account was opened or at any time in the preceding four calendar years, live in a qualifying home as their principal residence, that:

  • they owned, or
  • their spouse or common-law partner owned, or 
  • they owned jointly with their spouse or common-law partner

Note, the Income Tax Act (ITA) makes reference to any principal residence regardless of location. If you are unsure of your eligibility due to home ownership in another country, consult with CRA before opening an FHSA. 

For more information, visit the Government of Canada website.

With the RRSP Home Buyers' Plan, a planholder can withdraw up to $35,000 from their RRSP. The funds must be repaid to the RRSP over 15 years otherwise the withdrawal will be considered taxable income.

With the FHSA all funds can be withdrawn from the plan and do not have to be repaid if used for a first home purchase.

The same products that are available for other registered accounts like RRSPs and TFSAs are eligible for the FHSA. 

Through Lake View Credit Union and our Wealth Management partners, equities, term deposits, mutual funds and more are available to help you fund the purchase of a home..
Yes. All funds invested in Lake View Credit Union are guaranteed by the Credit Union Deposit Insurance Corporation of BC, including funds in an FHSA.

Your How-to Hub

RRSP vs. TFSA: Which is best for you?

Whether you're new to the savings game or a wily old veteran, getting and staying on top of how you maximize your savings can be a considerable undertaking. 

How to choose your banker

In any growing business, your bank is a silent partner. It holds no equity, doesn't attend board meetings, and isn't there to sweep up or turn out the lights at the end of the day. 

Mutual funds 101

Simply put, a mutual fund is a financial product that individuals can buy into alongside other investors. The pooled money is then invested in securities like stocks, money market funds, bonds, real estate funds and other assets.

Ready to learn more or get started?

We're here to help.

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