A first home savings account (FHSA, French: Compte d'épargne libre d'impôt pour l'achat d'une première propriété, CELIAPP) is a financial account offered in Canada since 2023, intended to help first-time homeowners afford a down payment.
[1] If the money in the account is not used to buy a home within fifteen years, the funds must either be transferred to an RRSP or withdrawn.
The government would provide a loan of up to ten percent on a property that would need to be repaid within 25 years and was a shared equity program with household income thresholds.
[5] Another federal program used to incentivize first-time homeownership is the home buyers' plan, which allows for a $60,000 CAD withdrawal from an RRSP without financial penalties.
[11] The Canadian Revenue Agency had technical issues processing 2023 tax returns[12] in which individuals held a first home savings account.