This year the government of Canada launched a new tax-advantaged savings account aimed at helping Canadians save up for their first home. The First Home Savings Account (FHSA) is the best of both the TFSA and the RRSP with a larger contribution room to boot. 

If you contribute the maximum amount allowed each year, which is $8,000, you can contribute a total of $40,000 over the course of five years.

The best part about the FHSA is that it’s not only tax-free like the TFSA for contributions, but also the contributions can be deducted from your income, similar to an RRSP and reducing your income taxes for the year.

With how new the FHSA is, not every financial institution has offered the ability to open an FHSA, meaning you might not be able to go with your usual bank or investment brokerage. 

The government of Canada officially allowed firms to offer First Home Savings Accounts to their clients as of April 1, 2023, but as of summer 2023 only a handful of companies have offered the ability to create an FHSA for users.

To help you out, we’ve put together a list of every company that currently offers a First Home Savings Account.

Key Takeaways

  • The FHSA is a new account you can open to help save for your first home.
  • The maximum contribution amount to the FHSA is $8,000 per year up to $40,000.
  • Your bank may not yet offer an FHSA to clients yet as the account is still relatively new.

Who can contribute to an FHSA?

The FHSA Is designed to help first-time home buyers save up for their home, and as such most Canadians who don’t live in a home they own are eligible to open the account.

You are eligible to open an FHSA if you:

  • Are a resident of Canada.
  • Are 18 years of age or older.
  • Did not live in a home that you or a spouse owned within the last 4 years.

Why contribute to an FHSA?

There’s little reason not to take advantage of the FHSA if you plan on buying a home within the next 15 years. Maxing out your FHSA to help save up for your down payment is one of the best things you can do to help you afford to get on the property ladder. Letting that $40,000 compound at 10% annually over 10 years if you invested it in the market would have you end up with a little over $100,000 to put toward your down payment, and it’s all tax free!

With that in mind, here are all the companies currently offering First Home Savings Accounts to their customers.

Everywhere you can contribute to an FHSA:



Many Canadians have been eagerly anticipating the launch of  Wealthsimple’s FHSA, with a promise of $0 commission fees for purchasing stocks and index funds. As of August 2023, Wealthsimple now offers the ability for users to open and contribute to an FHSA on the Wealthsimple app.


Questrade was one of the first companies to offer a First Home Savings Account to its users, with the ability to open an FHSA in April 2023. Questrade offers commission free purchase of ETFs but charges a $4.95-9.95 commission for purchasing shares of companies or selling of shares including ETFs.


The Royal Bank of Canada offers a self-directed FHSA to clients allowing them to contribute to the account and purchase typical investments. RBC direct investing accounts charge a $9.95 commission fee for the purchase or selling of shares.

EQ Bank

EQ Bank opened their FHSA to clients in July of 2023, offering both an FHSA savings account with an advertised 3.00% annual interest, and the ability to hold EQ GIC’s in an FHSA. As of the writing of this article EQ Bank offers 1-year GICs at a rate of 5.10% in registered accounts.

National Bank

National Bank offers an FHSA to clients, however you must book an appointment with an investment advisor to open one. Currently National Bank offers the ability to purchase GICs and mutual funds within the account, with the promise of bonds and securities to be available for purchase down the line.

Companies yet to offer the FHSA:

Among many others, these large banks have yet to offer an FHSA to clients, but will likely do so by the end of 2023.

TD Bank

As of August 2023 TD hasn’t offered the FHSA to all users. Their website states “The First Home Savings Account will be available at TD in Summer 2023” so we can assume that it won’t be long before you can open a First Home Savings Account with TD.


The Bank of Montreal has yet to announce the availability of their FHSA account, simply stating that the account type will be available to clients “later this year”. We can assume that BMO will allow users to start opening an FHSA with their brokerage by 2024.


Scotiabank does not currently offer an FHSA, however their website states the new account will be available in “late August”. As of the writing of this article Scotiabank still has not opened up availability for their FHSA.


According to their page on the topic, the FHSA will not be coming to CIBC clients until November of 2023.

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