FAQ Category: FHSA

How do I open a first home savings (FHSA) account?

It’s easy to get started online—just follow the steps here: Open your first home savings (FHSA) account

Is my money safe in an FHSA with Hubert?

Yes. All deposits with Hubert are 100% guaranteed through the Deposit Guarantee Corporation of Manitoba, so your savings are fully protected.

What if I decide not to buy a home?

You can transfer your FHSA savings to an RRSP or RRIF without tax consequences, so your savings can still work toward your future goals.

What happens if I don’t use all my contribution room?

No worries—you can carry forward unused contribution room (up to $8,000) to a future year, giving you flexibility to catch up when you’re able.

Are withdrawals from an FHSA taxed?

No—if you use the funds to purchase a qualifying first home, withdrawals are completely tax-free and don’t need to be repaid.

Do FHSA contributions reduce my taxes?

Yes. Contributions to your first home savings (FHSA) account are generally tax-deductible, which means you may pay less income tax.

How much can I contribute to an FHSA?

You can contribute up to $8,000 per year, with a lifetime maximum of $40,000.

Who can open a first home savings (FHSA) account?

To open a first home savings (FHSA) account, you must:

What is a first home savings (FHSA) account?

A first home savings (FHSA) account is a registered savings plan designed to help first-time homebuyers save for a down payment—tax efficiently. Your contributions can lower your taxable income, your savings grow tax-free, and qualifying withdrawals are also tax-free.