12/27/2025
Golden opportunity to grow a tax-free down payment and reduce your 2025 income taxes at the same time using the First Home Savings Account (FHSA)
Act by December 31, 2025
FHSA contribution deadline for 2025 tax savings is December 31, 2025.
Annual FHSA contribution limit is $8,000, with a lifetime limit of $40,000 per eligible person.
How much you can contribute
FHSA opened in 2023: You can have up to $24,000 contributed by December 31, 2025 (3 years of $8,000 per year), subject to the $40,000 lifetime limit.
FHSA opened in 2024: You can have up to $16,000 contributed by December 31, 2025 (2 years of $8,000 per year)
FHSA opened in 2025: You can contribute up to $8,000 by December 31, 2025.
Powerful carry-forward opportunity
If you open your FHSA in 2025, unused room from 2025 (up to $8,000) can carry forward, so you may be able to contribute up to $16,000 in 2026 ($8,000 new room + $8,000 carry-forward), within the $40,000 lifetime limit.
Contribution room only starts once you open an FHSA, so opening an account before December 31, 2025 is key to maximizing future room.
A gift for children’s dream home
Parents and grandparents can gift funds to help children or grandchildren contribute to their own FHSA, allowing the young buyer to benefit from tax deductions and tax-free growth.
This makes the FHSA a powerful way for families to support the next generation in saving for a first home more tax-efficiently.
Who qualifies for an FHSA?
Yes, you may qualify if you:
Are a Canadian resident with a valid social insurance number
Are at least the age of majority in your province and under age 71
Are a first-time home buyer, meaning you (and your spouse) have not lived in a home you owned in the year the FHSA is opened or in any of the previous four calendar years
We can help you find the strategy that works best for you and your family’s home ownership goals.
For more information or a personalized FHSA plan, call us before December 31st 2025
More information : https://ln5.sync.com/dl/424a3daa0/te2zfeue-feh6zt3w-gu8gdxwu-ntzixbf9
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Act Now!
It only takes 15 minutes to Apply NON Face-to-face with a virtual meeting we can process the application By December 31st 2025
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