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Direct transfer-in an FHSA

If your FHSA is held elsewhere, Outlook Financial makes it easy to bring it over and continue saving with confidence. 

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Already opened a First Home Savings Account (FHSA) at another financial institution? You can move it to Outlook Financial using a CRA-approved direct transfer process. 

Consolidating your FHSA in Outlook gives you one place to track your home savings, access competitive GIC rates, and benefit from our secure online banking platform. 

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When a direct FHSA transfer makes sense

A direct transfer‑in of an existing FHSA may be a good option if: 

  • You already have an FHSA at another financial institution and want to move it without affecting your contribution room.
  • You prefer to keep your FHSA tax‑advantaged status intact rather than withdrawing and re‑contributing funds.
  • You want to consolidate your FHSA savings under one institution for simpler management.
Important information before you transfer
  • Contribution limits: A direct transfer won’t affect your remaining FHSA contribution room. 
  • Processing times: Transfers can take 4-6 weeks, depending on your current financial institution. 
  • Investment timing: Rates may change while funds are in transit, so consider locking in promptly after arrival. 
  • Account access: While the transfer is in progress, your FHSA will appear as “view only” in Online Banking. Deposits and withdrawals cannot be made until the transfer is complete. 

How to complete a direct transfer-in of an existing FHSA

  1. Complete the CRA Form RC721 – Transfer from FHSA to FHSA Form. 
  2. We’ll contact your current institution to move the funds. 
  3. Once transferred, keep your funds in your Registered FHSA High Interest Savings Account for flexibility or invest in a 1–5 year fixed-term GIC. 

For Existing Outlook Members 

To transfer funds from an RRSP into an FHSA at Outlook Financial, you’ll need to have an Outlook Financial FHSA plan open.  If you don’t yet have one, you can start your application online in just a few minutes. Once submitted, your FHSA will be opened after it’s reviewed and processed.

Invest your transferred funds in a GIC

 If you expect to buy within the next few years, choosing GIC terms that match your timeline can help you stay on track with confidence. 

After your FHSA funds have been transferred in from another financial institution, you can put them to work immediately.

  1. Log in to Online Banking to confirm your FHSA balance reflects the transfer.
  2. Complete the online Deposit Form to invest your funds in a fixed-term GIC and start earning guaranteed interest.

Holding a mix of GIC terms can help you build a savings structure that offers both stability and access when you need it.

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Why transfer your existing FHSA to Outlook?

Simplify your finances

Manage your FHSA together with your other Outlook accounts.  

Earn more with Outlook

Take advantage of our competitive FHSA savings and GIC rates.  

Plan confidently

Track your balance and timeline for buying your first home in one account.  

Enjoy trusted service

All accounts are backed by our 100% deposit guarantee through the Deposit Guarantee Corporation of Manitoba.  

New to Outlook Financial?

Your FHSA transfer starts here.

To move an existing FHSA from another financial institution to Outlook Financial, you’ll first need to open an Outlook Financial membership. This includes opening a High‑Interest Savings Account (HISA), which allows us to set up your FHSA and complete your direct transfer once your membership is active.

Complete your online application
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Steps for new members:

Once your Outlook Financial membership is opened:

  1. Open an FHSA plan with Outlook Financial.   

  2. Complete CRA Form RC721 – Transfer from FHSA to FHSA Form. 

A prepared outlook for what’s ahead 

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