What Is the First Home Savings Account (FHSA)? | Ana Bastas Realty Explains

🏡 What Is the First Home Savings Account (FHSA)?

How Ana Bastas Realty Helps You Maximize This First-Time Buyer Tool

If you're saving up to buy your first home in Ontario, there's a new program designed just for you—the First Home Savings Account (FHSA).

Launched in 2023, this tax-free savings account is one of the most powerful tools for first-time buyers in Canada. And at Ana Bastas Realty, we help you understand it, use it, and integrate it into your home buying journey.

Let’s break down what the FHSA is, how it works, and how our team can help you get the most out of it.

💰 What Is the FHSA?

The First Home Savings Account (FHSA) is a registered account that lets eligible Canadians save up to $40,000 tax-free to buy their first home.

Think of it as a hybrid between a TFSA (Tax-Free Savings Account) and an RRSP (Registered Retirement Savings Plan)—but exclusively for home ownership.

✅ Key Features of the FHSA

• Annual contribution limit: $8,000/year (up to $40,000 lifetime)

• Tax-deductible contributions: Like an RRSP, you can deduct contributions from your taxable income

• Tax-free withdrawals: Like a TFSA, withdrawals are tax-free if used to buy your first home

• Can carry forward unused contributions to future years

• Funds can be used toward down payment or closing costs

👤 Who Is Eligible for an FHSA?

To open an FHSA, you must:

• Be a Canadian resident

• Be at least 18 years old (or age of majority in your province)

• Be a first-time home buyer (you haven’t owned a home in the last 4 years)

🏠 How Ana Bastas Realty Helps First-Time Buyers Use the FHSA

At Ana Bastas Realty, we go beyond showings and negotiations—we educate and empower our clients to make smart, long-term financial decisions.

Here’s how we help you get the most out of your FHSA:

1. Explaining How and When to Use It

We walk you through:

• When to open your FHSA

• How to combine it with your RRSP Home Buyers' Plan (HBP)

• How to strategically time your withdrawals for maximum benefit

• What documents you’ll need when it’s time to withdraw

2. Connecting You With Financial Advisors and Lenders

We’ll refer you to FHSA-friendly banks, mortgage brokers, and advisors who understand how to set up your account and align it with your home buying plan.

Whether you're in Toronto, Halton Hills, Hamilton, or Ottawa, we have local partners who know your market.

3. Customizing Your Home Buying Timeline

Using your FHSA wisely can affect:

• Your ideal purchase year

• The size of your down payment

• Your mortgage affordability

We help you map out a personalized plan, so you're buying smart—not rushing into the market.

4. Combining FHSA With Other First-Time Buyer Incentives

We help you combine the FHSA with other government programs, like:

• RRSP Home Buyers' Plan (HBP)

• First-Time Home Buyer Tax Credit

• Ontario Land Transfer Tax Rebates

• CMHC Shared Equity Program

Ana's Tip: You may be able to use both the FHSA and HBP together to boost your buying power!

📍 Serving First-Time Buyers Across Ontario

We’ve helped clients across:

• Toronto

• Mississauga & Halton Hills

• Hamilton & Niagara

• Ottawa & surrounding areas

Whether you're years away from buying or already saving, we’re here to guide you—step by step.

🔑 Ready to Start Your First Home Journey?

At Ana Bastas Realty, we make first-time home buying simple, educational, and empowering. Whether you’ve already opened an FHSA or want to start saving now, we’ll guide you from planning to keys-in-hand.

📞 Book a free consult today to start your personalized home buying roadmap.

👉 www.anabastas.ca
📧 ana@anabastas.ca
📍 Serving First-Time Buyers in the GTA, Hamilton, Niagara & Ottawa