Tax-Free First Home Savings Account
This new account helps you to save for your first home by combining the benefits of the Registered Retirement Savings Plan and Tax-Free Savings Account.

It just got easier to save for your first home!

Contributions of up to $8,000 a year are tax-deductible. Meanwhile withdrawals towards your first home purchase would be non-taxable like a TFSA.

Who is eligible for a FHSA?

  • A Canadian resident
  • 18 year or older
  • A first-time home buyer

How is an FHSA different than the Home Buyers’ Plan (HBP)

  • FHSA withdrawals and withdrawals under the HBP can be made for the same qualifying home purchase.
  • HBP withdrawals are borrowed from your RRSP (interest-free) and must be paid back within 15 years, whereas qualifying FHSA withdrawals are tax-free and do not need to be repaid.

How can I get an FHSA from LCU?

    • Book an appointment with your Financial Advisor

Why should you invest in a FHSA with LCU?

  • Tax Benefits
    • You won’t pay taxes on your investment earning and it can help lower your annual tax bill through eligible tax deductions.
  • It’s Flexible
    • You can combine it with a partner’s FHSA accounts and use both to increase your purchasing power.
    • You can carry forward up to $8,000 of your unused annual contribution amount to use in a later year.
  • It Grows with You
    • Your contributions carry forward! You can contribute tax-free for up to 15 years and/or $40,000
Learn more about this Government of Canada initiative here: First Home Savings Account (FHSA) -

Let's Connect

Have questions? Speak to a Finance Advisor now.

Tyler Sylvestre 780-812-3654
Ciedezha Bilar 780-812-3615
Debbie McQuinn 780-343-1139
Maia Garcia 780-594-7636

Book an Appointment

Visit us in branch, Bonnyville and Cold Lake main street. Use the form to book your appointment.

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