Tax-free first home savings account (FHSA)

Save for homeownership with this new account that will become available in summer 2023.

Pre-FHSA promotional offer

Get a great rate when you set your future contributions aside

Open a pre-FHSA term savings account to place your future FHSA 2023 contributions and enjoy a promotional rate of 4.65%.

As soon as it's possible to open a Desjardins FHSA, we'll call you to transfer the accumulated capital to it and make your first contribution.

Take advantage of this offer - This link redirects to another Desjardins site.

Or call us
Montreal area:
514-224-7737 (514-CAISSES)
Elsewhere in Canada:
1-800-224-7737 (1-800-CAISSES)

What is an FHSA?

An FHSA is a new registered plan that allows you to save tax-free for your first qualifying home.

Advantages of an FHSA

Contribute and pay less tax

Contributions made to an FHSA are eligible for a tax deduction, which reduces your taxable income for the current or subsequent years.

Tax-free earnings

The investment income earned in your FHSA isn't taxed.

Tax-free withdrawals

You can withdraw your money tax-free to purchase your first qualifying home.

How does an FHSA work?

When can you open an FHSA?

You'll be able to open and contribute to a Desjardins FHSA at some point in 2023. The exact date has not been announced.

Until then, you can accumulate future contributions at a favourable promotional rate with our pre-FHSA term savings account.

Who can open an FHSA?

You're eligible if:

  • You're between 18 and 71 on December 31
  • You're a Canadian resident
  • You or your spouse didn't own or occupy a primary residence in the year the account was opened, or during the previous 4 calendar years.

How much can you contribute to your FHSA?

Your contribution room is $8,000 per year, up to a lifetime limit of $40,000.

If you don't reach the annual limit, the unused portion is carried forward.

Each year, you can use up to $8,000 of the unused portion, up to maximum annual contribution of $16,000.

HBP or FHSA: Which one to choose?

You can combine the FHSA and Home Buyers' Plan or choose the one that best suits your needs and goals.


Withdraw all of your contributions (lifetime limit of $40,000) and the accumulated investment income from your FHSA to purchase a qualifying home.

Anticipate a minimum of 5 years to reach the limit on lifetime contributions of $40,000.

Taxed withdrawals

You won't be taxed on the amount withdrawn to purchase a first qualifying home.


You don't have to repay the amount withdrawn from your FHSA.


Withdraw up to $35,000 from your RRSP to purchase a qualifying home.

If you already have amounts in an RRSP, the HBP allows you to withdraw them faster.

Taxed withdrawals

You won't be taxed on the amount withdrawn if you repay the amount in your RRSP each year.


You have 15 years to repay the amount withdrawn from your RRSP. You must begin repayments during the second year after the withdrawal.

Learn more about the HBP

Other tax-free savings options


Open a pre-FHSA term savings account

By phone

Montreal area:
514-224-7737 (514-CAISSES)

Elsewhere in Canada:
1-800 224-7737 (1-800-CAISSES)

We can call you when it's convenient.

In caisse

Make an appointment at a caisse near you.

Find your caisse

  1. According to The Income Tax Act, purchasing a pre-FHSA term savings doesn't mean that you've enrolled in an FHSA.
  2. The pre-FHSA term savings will end by December 28, 2023, at the latest. Rates are always subject to change.
  3. You can enroll in an FHSA only if you meet the eligibility criteria at the time you sign the application. You're officially enrolled as of the day you've signed. The capital accumulated in your term savings account will be transferred to your FHSA in the form of a contribution on or after the date you sign the FHSA application form. Any accrued interest will be transferred to your everyday account (non-registered account) and will be taxable.
  4. Some conditions apply.
  5. Your contribution room accumulates from the year you opened your FHSA.
  6. Your repayment period starts the second year after the year when you first withdrew funds from your RRSP for your HBP. Each year, you must repay at least 1/15 of the amount you withdrew from your RRSP. These contributions can't be deducted from your taxable income. The portion non-reimbursed in a year will be added to your taxable income for that year.