The tax-free First Home Savings Account (FHSA) is a registered savings account to help eligible Canadians save for a down payment for their first home. 

The FHSA will allow you to contribute a tax-deductible amount of up to $8,000 per year.
It has a lifetime contribution maximum of $40,000 per person (along with yourself, your spouse  or common-law partner, can each use your FHSA to purchase a first home). 
 Like an RRSP, your contributions are tax deductible.
Like a TFSA, any qualifying withdrawals (including investment returns) from the account are tax-free.  
It combines the best of both accounts!

Yes, you can carry forward any "unused" contributions in the subsequent year, on top of the contribution limit of $8,000.
The unused contribution room must still respect the $8000 limits of previous years.
* The carry forward amounts begin to accumulate only AFTER you open your FHSA. 

To be eligible for the FHSA, you must be:

*You qualify as a first-time home buyer if you have not owned a home in the current calendar year or any of the preceding four calendar years. 

 The FHSA is a registered savings account that can hold multiple investments including:

*Currently, mutual funds cannot yet be traded in your FHSA account.

 

 

 

Contribution Limits:

Tax-Free Withdrawals:

Repayment: 

Yes, you can withdraw amounts from your RRSP under the Home Buyers' Plan (HBP) and qualifying withdrawals from your FHSA, for the same qualifying home, as long as you meet all of the conditions at the time of each withdrawal. As an added bonus, you can even withdraw from your TFSA to purchase your home. That's a WIN-WIN-WIN! 

By December 31 in the year in which the earliest of these scenarios occur:

Once closed, any unused funds in the account can be transferred to an RRSP or a RRIF tax-free, otherwise the withdrawal will be added to your yearly income for tax purposes.

You can make a tax free transfer of funds from an FHSA: 

When you transfer from an FHSA to a RRSP or RRIF, the transfer will not reduce or be limited by your available RRSP contribution (since you already benefited from the tax-deduction). Also, the transfer will not restore your FHSA annual contribution limit (you don't get that FHSA contribution room back). However, once transferred, the funds will be subject to the standard withdrawal rules for RRSPs and RRIFs. 

You can also transfer funds from your RRSP to a FHSA tax-free, but the transfer is not deductible (since you already benefited from the tax-deduction) and will not restore your RRSP contribution room (you don't get that RRSP contribution room back). This is unlike the TFSA, which add withdrawn amounts to your next year’s contribution room.

Yes. 
Here's a savvy strategy to purchase a qualifying home using your TFSA + RRSP + FHSA:

The Government of Canada First Home Savings Account (FHSA) website.

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