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First Home Savings Account (FHSA)

Save tax-free and reach your down payment faster!

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With an Outlook Financial First Home Savings Account (FHSA), you can grow your savings with a range of investment options while taking advantage of tax-free contributions and growth.

If you’re a qualifying first-time homebuyer and a Canadian resident between the ages of 18 and 71 and have a valid Social Insurance Number (SIN), you’re eligible to open an FHSA.

Why open a First Home Savings Account?

  • Tax‑deductible contributions: Reduce your taxable income while saving for your first home.
  • Tax‑free growth: Pay no tax on the interest you earn or on qualifying withdrawals.
  • No repayment required: Qualifying withdrawals don’t need to be repaid.
  • Flexible future options: If you don’t buy a home, transfer your FHSA funds tax‑free to your RRSP or RRIF.

An FHSA gives first‑time homebuyers a powerful combination of tax advantages and long‑term savings potential. 

Benefits of Outlook Financial's FHSA

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Flexible investment choices

From short-term savings to long-term deposits, choose the combination that works best for your plan. You can hold both FHSA high-interest variable savings accounts and FHSA GICs to match your home-buying timeline.

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Competitive growth rates

Benefit from strong rates that help you make the most of your savings potential. Outlook Financial’s consistently competitive interest rates support long-term, tax-free growth as you save for your first home.

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Fully guaranteed savings

All deposits and interest are 100% protected by the Deposit Guarantee Corporation of Manitoba.

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Secure, easy access

Stay connected to your savings through Outlook Financial’s user-friendly online and mobile platforms. Manage contributions and view your FHSA balances.

FHSA contribution rules 

  • FHSAs are subject to a contribution limit. Annual contributions are capped at $8,000 up to a $40,000 lifetime limit.
  • Starting the year you open the account, you can carry forward up to $8,000 in unused contribution room each year, subject to your lifetime limit.
  • Contribution room begins accumulating only once you open your first FHSA.

For more information about FHSA contribution rules, visit the Canada Revenue Agency’s First Home Savings Account page.

How do I open a First Home Savings Account?

New to Outlook Financial?

Your membership starts here.

To start saving and investing with a First Home Savings Account, you’ll first need an Outlook Financial membership. Your membership begins with a High-Interest Savings Account (HISA), which acts as the foundation for transferring funds and holding your registered or investment products. Once your HISA is open, you can open your FHSA and begin contributing or purchasing FHSA GICs to grow your down payment tax-free.

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For existing members

If you’re an Outlook Financial member, opening an FHSA is simple! 

1. Complete the FHSA Application Form. We’ll open your FHSA plan within 2 business days of receiving your application. 

2. Once opened, contribute to your FHSA savings account or purchase an FHSA GIC using our online Deposit Form.

Helpful Resources for Your FHSA 

Get the most from your First Time Homebuying Savings Account with helpful tools and resources that guide you from saving to purchasing your first home. Explore the options below to manage your FHSA contributions, transfers and withdrawals with ease.

Find out how to transfer in your FHSA

Transfer an existing FHSA

Buy a Guaranteed Investment Certificate

Invest in an FHSA GIC

Manage your successor holder

Update your FHSA successor holder

Estimate your FHSA savings

Tax-free savings calculator