You can contribute up to $8,000 a year to a First Home Savings Account (FHSA), to a maximum of $40,000. Your contributions are tax-deductible, your investments grow tax-free and your withdrawals are tax-free.
Those are the basics, but here are some helpful tips and strategies.
Using TFSA funds. You can withdraw funds from your Tax-Free Savings Account (TFSA), contribute the funds to your FHSA and receive a tax deduction in the amount of the contribution.
Deferring deductions. If you’re a student or just starting out in your career, you may be in a lower tax bracket and not save a significant amount of tax from the tax deduction. In this case, you can carry forward the deduction to any future year when you may be able to save more tax.
Leveraging your refund. You can take the amount of your FHSA tax refund or tax savings and contribute this amount to your FHSA, using the refund to grow your account. Alternatively, you can contribute the amount to your TFSA and eventually apply these funds toward your down payment.
This article is excerpted from the Well‑Advised Spring 2026 Newsletter and published on behalf of your financial advisor for clients residing in jurisdictions where they are registered. This material is provided solely for informational and educational purposes and is not to be construed as an offer or solicitation for the sale or purchase of any securities or as providing individual investment, tax or legal advice. Consult your professional advisor(s) prior to acting on the basis of this material. Insurance products are available through advisors registered with applicable insurance regulators. In considering any particular investment, please remember that past performance is no guarantee of future performance. Although this material has been compiled from sources believed to be reliable, we cannot guarantee its accuracy or completeness. All opinions expressed and data provided herein are subject to change without notice. Neither CI Assante Wealth Management Ltd. their affiliates or their respective officers, directors, employees or advisors are responsible in any way for any damages or losses of any kind whatsoever in respect of the use of this material. CI Assante Wealth Management is a registered business name of Assante Wealth Management (Canada) Ltd. CI Assante Wealth Management Ltd is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.
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