Best FHSAs in Canada: Where to get the first home savings account + MORE May 2nd

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By Keph Senett and Justin Dallaire on May 1, 2024Estimated reading time: 22 minutes

Currently, Canadians can find many GICs with rates in the 4% to 5% range—that’s good compared to a few years ago, but not quite the 6% you could get last fall…

Canadians can now boost their savings for a down payment on a home with a first home savings account (FHSA). The account, also referred to as the tax-free first home savings account, creates up to $40,000 in tax-free savings room for first-time home buyers. To date, more than 300,000 Canadians have opened an FHSA. In this article, we’ll answer common questions about the account and help you find the best one for your needs.

Frequently asked questions about FHSAs

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“text”: “On April 1, 2023, Questrade became the first company to launch an FHSA in Canada. Since then, more than 20 other financial institutions, including all of Canada’s Big Six banks, have launched the new account. More are expected to make their FHSAs available in 2024…