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SPECIAL OFFER: Take advantage of our limited-time interest rate on an FHSA Investor Savings Account. See details below.

Why you'll love it

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Tax-free savings
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Save fast with high interest rates
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No minimum for opening an account
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Ask about our special 6% interest rate offer!

Available with an Investor Savings account until June 30th, 2024. *Conditions apply.

Save faster


With a First Home Savings Account, enjoy all the perks of a TFSA and RRSP. Your money grows faster than it would in a traditional savings account because your contributions, interest earnings, and eventual withdrawal for a home, are tax-free. 

Save up to $40,000 over 15 years in this specially designed investment plan to help save for your first home. 

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Understand FHSA

Reasons to invest

Starting an FHSA young is a smart move towards your homeownership goals.

Here's what you need to know:

  • There's no minimum dollar value to opening an FHSA
  • Make tax-deductible contributions of up to $8,000 annually 
  • Save up to $40,000 in a lifetime
  • Contributions and interest earnings are tax free for up to 15 years
  • You can carry foward unused contribution room from the previous year
  • Can combine with your Home Buyers Plan (and your partner's) for a larger down payment
First home savings account


Opening a FHSA

To be eligible you must be:

  • Between 19 and 71 years of age (in BC)
  • A Canadian resident with a valid Social Insurance Number (SIN)
  • A first-time homebuyer *

*You will be considered to be a first-time home buyer for the purposes of opening an FHSA if, at any time in the calendar year before the account is opened or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that either (i) you owned or jointly owned; or (ii) your spouse or common-law partner (at the time the account is opened) owned or jointly owned.



While only you, the account holder, can participate directly in your own FHSA, there is an opportunity for partners to work together to maximize their FHSA(s).

Your partner can't directly contribute to your FHSA, however, your partner can give you money to contribute to the account yourself. Additionally, only the FHSA holder can claim the contributions as a tax deduction on their income tax and benefit return. 

Partners/spouses can choose to open their own FHSAs, and use their qualified withdrawals together towards the purchase of the same home. Funds can also be used in conjuction with those from partners' Home Buyers Plans.
An FHSA can only be open for 15 years and not beyond 71 years of age. Any amount not used to purchase a qualifying home can be transferred to your RRSP or RRIF on a tax-free basis. 
Otherwise, the amounts can be withdrawn on a taxable basis.
  • Investor Savings Account (at special promo rate of 6% until June 30th, 2024)
  • Rate Risers (3 & 5 years)
  • Term Deposits, non-redeemable (3 & 5 years)
  • 18-month Cashable Term Deposit
Further investment offerings for SASCU’s FHSA may be available at a later time.
To make a “qualifying withdrawal” you must be Canadian resident who is a first-time homebuyer, have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the year of withdrawal, and intend to occupy the qualifying home as your principal place of residence within one year after buying or building it. 
You must not have acquired the qualifying home more than 30 days before making the withdrawal. Learn more >
You can carry forward the unused amount to future tax years, up to a maximum of $8,000. This means that your FHSA carry-forward will be added to your FHSA participation room for the following year, allowing you to contribute up to that amount without penalty.

Tools & Resources

FHSA brochure

FHSA Brochure


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Mortgage Calculator


mortgage calculator

Mortgage Affordibility Calculator



Discover more


Own a home

Home ownership is a dream and responsibility. Learn more about mortgages, home equity line of credits, and planning for renovations.



We want to be your lifelong financial partner, so we're committed to a mortgage that works for your life.



First time home buyer

Thinking of buying a new home? Make sure you're prepared ​and know all your options.




Guidance you can trust

Speak with an Advisor at SASCU about your First Home Savings Account eligibility.

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