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Transfer from your RRSP to your FHSA

Explore how your RRSP can help you reach your first‑home goal.

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If you’re planning to buy your first home, moving funds from your RRSP to a First Home Savings Account (FHSA) can be a smart strategy. Both accounts offer tax advantages, but an FHSA is designed specifically to help you reach your homeownership goal faster.

It also provides more contribution flexibility and doesn’t require the repayments needed under the Home Buyers’ Plan (HBP).

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When to consider an RRSP to FHSA transfer 

Transferring RRSP funds to an FHSA may be right for you if: 

  • You want to dedicate part of your RRSP savings specifically for your first home. 
  • You’d like the flexibility of a tax-free withdrawal when it’s time to buy. 
  • You prefer to avoid the repayment obligations that come with the Home Buyers’ Plan. 
  • You want to take advantage of the FHSA’s lifetime contribution limit of $40,000 (up to $8,000 per year). 
Important information before you transfer
  • Contribution room still matters: RRSP transfers to an FHSA count against your FHSA annual ($8,000) and lifetime ($40,000) limits. 
  • No new tax deduction: Transfers are not deductible (the RRSP tax deduction was already applied). 
  • Effect on RRSP room: You won’t regain RRSP contribution space when you move funds out. 
  • Withdrawals must be eligible: FHSA withdrawals are only tax-free if they meet the CRA’s qualifying first home purchase rules. 

How to transfer your RRSP to an FHSA

  1. Review your FHSA contribution limits. 
  2. Complete the CRA Form RC720 – Transfer from RRSP to FHSA. 
  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 a few years, consider secure options like GICs that match your timeline. 

Once your RRSP funds have successfully transferred to your FHSA, you can put them to work right away.

  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.

You can also structure your savings across different GIC terms, giving you security, flexibility, and predictable growth as you plan for your home purchase.

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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 transfer funds from an RRSP into an FHSA at 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 process your transfer.

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 RC720 – Transfer from RRSP to FHSA Form. 

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