First Home Savings Account (FHSA)

Easily save for the down payment of your first home with an FHSA! 

  • Your earnings are tax-free.
  • You'll pay no monthly fees.
  • The interest rate is 3.60%*!

Getting started is easy! Simply open a No-Fee Bank Account then open your FHSA. 

Already an Innovation member? Log into online banking and select > Accounts > Open Account > Registered Accounts > FHSA Savings Account

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  • Get your approval in one business day!

First Home Savings Account (FHSA)

Wallet with coins leading to house

Reach your down payment goal quickly and easily!

Enjoy Tax Deductions

Just like with an RRSP, the contributions you make to an FHSA are tax deductible.

Save on Taxes

You won't pay any tax on the interest you earn on your FHSA. Your money will grow tax-free!

Get a 3.60%* Rate

You'll earn interest at a 3.60%* interest rate no matter what your balance is!

Pay No Monthly Fees

Your Innovation FHSA charges no monthly fees! You'll save for your home that much faster.

Enjoy No Minimums

There are no minimum balance requirements. Enjoy every account benefit, no strings attached! 

FHSA Eligibility Requirements

Age 18 to 71

Resident of Canada*

Social Insurance Number

First-Time Home Buyer*

Innovation No-Fee Account Holder

Frequently Asked Questions

What's the maximum I can contribute to the account?

You can contribute up to $8,000 as an annual contribution limit, with a lifetime limit of $40,000. If you exceed these limits, over contribution penalties apply.

There’s also an option to carry forward any unused contribution room to the following year.

Can I redeem my FHSA?

You sure can! Innovation doesn't charge a withdraw fee. However, make sure that your withdrawal is a qualifying withdrawal to avoid CRA penalties. For more information, see our FHSA brochure (pdf).

Can I set up automatic transfers to my FHSA?

You bet! You can set up transfers for any frequency or amount. And transfers, deposits and withdrawals are always free and without penalty!

Learn more about FHSA features, rules, and requirements:

Rates subject to change without notice.

First Home Savings Account (FHSA)

Available for new customers and existing personal members who meet the following requirements:

  • Must be Canadian residents with a Social Insurance Number (SIN) who are at least age 18 (and no less than the age of majority in their province) and under age 71.
  • Applicant and/or spouse or common-law partner must not have owned a home where they lived in the current calendar year or at any time in the preceding four calendar years..
  • Newcomers, permanent residents, and certain temporary residents who meet the residency requirements for income tax purposes can open an FHSA. Typically, temporary residents, including work permit holders and international students, must reside in Canada for at least 183 days in a tax year to qualify as Canadian residents.
  • Must be an Innovation member with a No-Fee Bank Account.

Additional FHSA details:

  • There are no monthly FHSA account fees. 
  • Interest is calculated daily and paid at month end. 
  • Interest rates are as per rate sheet. 
  • Funds are redeemable
  • There is no minimum deposit balance required.
  • The maximum balance is $40,000.00 (i.e. maximum allowable contribution).  Over contribution penalties apply.
  • Pre-authorized transfers can be set up at any frequency and amount.
  • There are no redemption/withdrawal fees; Deposits, withdrawals, transfers always permitted without penalty
  • The default statement cycle is monthly.  No-charge e-statement available (requires email address and online/mobile banking access).