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Enjoy a tax-free way to save for your first placeLegal Disclaimer1, Legal Disclaimer2.

Open and fund your accountLegal Disclaimer3—we’ll take care of buying and managing your investments for you.

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What is an FHSA?

An FHSA is a new registered investment account that you can use to save for your first home, without paying any tax on the money you earn or take outLegal Disclaimer1, Legal Disclaimer2. At RBC InvestEase, the money you put in your FHSA will be invested in a professionally-built portfolio of exchange-traded funds (ETFs) that we manage for you.

Highlights of the FHSA:

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Numbers to Know


Annual tax-deductible FHSA
contribution limitLegal Disclaimer4


Lifetime FHSA
contribution limit


How much you’ll pay in taxes
on a qualified withdrawal from your FHSALegal Disclaimer 1

Benefits of an RBC InvestEase FHSA

  • A team to manage your investments
  • Simple way to save for your first home
  • Advice when you need it

See How Easy It Can Be to Save for Your First Home

At RBC InvestEase, we pick, buy and manage the investments in your FHSA so you don’t have to.

The first step to opening an RBC InvestEase FHSA is to share some info so that we can match you with the right professionally-built investment portfolio to hold in your FHSA. We’ll ask you about:

  • Your investing timeframe
  • How much you plan to invest
  • Your feelings about risk

Your portfolio will contain low-cost exchange-traded funds (ETFs) and align with the goal and risk comfort level you share with us. All of our portfolios come with two options to select from—a Standard Portfolio and a Responsible Investing Portfolio. Learn more about our ETF portfolios.

After accepting your portfolio recommendation and choosing either the Standard or Responsible Investing Portfolio, you can finish opening your account and make your first deposit to your FHSA. We’ll automatically invest your money when your balance reaches $100 or moreLegal Disclaimer3.

Since the money you earn from investments you hold in an FHSA (interest, dividends or capital gains) is not taxedLegal Disclaimer2, it has the opportunity to grow faster than it would in a non-registered account.

To transfer money to your FHSA or check your progress, simply log in to your RBC InvestEase dashboard. (If you’re an RBC client, you can also access your account from Online BankingLegal Disclaimer6 and the RBC Mobile appLegal Disclaimer6.) Plus, you can set up ongoing deposits (weekly, monthly, etc.) into your FHSA to save without even having to think about it.

Our Portfolio Advisors will keep an eye on your investments and rebalance your portfolio as needed to help you stay on track toward buying a home. Plus, you can reach out at any time if you have questions or need a little advice.

Note: You can make tax-deductible contributions of up to $8,000 annually, up to a lifetime contribution limit of $40,000. If you don’t contribute the full $8,000 in a single year, the balance can be carried forward and added to the next year’s contribution amount. Up to $8,000 of unused contribution room from the previous year can be used annually.

One of the best things about the FHSA is that you don’t have to pay tax on the money you withdraw, as long as it’s used to buy a qualifying homeLegal Disclaimer1. While you can take money out of your FHSA to use for a qualifying home purchase, it will take about 5 to 7 business days for your funds to become available.

If you withdraw only a portion of the funds from your FHSA to purchase a qualifying home, you can transfer any remaining funds to your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) on a tax-free basis on or before December 31 of the year following your initial withdrawalLegal Disclaimer5. Otherwise, you must withdraw the remaining balance as taxable income.

Tip: You can use both an FHSA and the RRSP Home Buyers’ Plan (HBP) to purchase a qualifying home. Keep in mind that you’ll have to repay any funds through the HBP, but not with an FHSA.

Learn more about how RBC InvestEase works.
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Possibly, yes! You are considered a first-time homebuyer again if you (and/or your spouse or common-law partner) haven’t owned a home (that you also lived in) in the past four yearsLegal Disclaimer*. That means you can open a First Home Savings Account (FHSA) to save for your next home, even if you’ve owned one in the past.

The First Home Savings Account (FHSA) gives you a lot of time and flexibility to save up for your first home. Once you open your account, you can put money away for up 15 years before you have to use your savings to buy a homeLegal Disclaimer*. Just remember—the sooner you open your FHSA and make regular contributions, the more time your future down payment will have to grow!

A First Home Savings Account (FHSA) at RBC InvestEase may be ideal if you want a quick and easy way to save for your first homeLegal Disclaimer*. Unlike do-it-yourself (DIY) investing, we pick, buy and manage the investments in your FHSA for you.

No, we do not notify you if you’re approaching your First Home Savings Account (FHSA) contribution limit. One reason why is because you can hold more than one FHSA at different financial institutions. (Note that your contribution room is the same whether you have one, two or more FHSAs.)

You can find your available FHSA contribution room by logging in to your Canada Revenue Agency (CRA) account. You are responsible for ensuring you don’t overcontribute to your FHSA.

The funds in your First Home Savings Account (FHSA) have to be used by December 31 of the 15th year after opening your first FHSA account or the year you turn 71, whichever comes first. If you have not used the funds in your FHSA by that time, one option is to transfer them tax-free to your Registered Retirement Savings Plan (RRSP) at RBC InvestEase without impacting your RRSP contribution room.

You can also transfer unused funds to a Registered Retirement Income Fund (RRIF) tax-free; otherwise, your withdrawal will be taxed.

You could save up to $100,000 (or more) tax-free to use towards your first home’s down payment:

- You can borrow up to $60,000 through the Registered Retirement Savings Plan (RRSP) Home Buyers’ Plan (HBP).

- Plus, you can contribute up to $40,000 to your First Home Savings Account (FHSA) and let your money grow tax-free.

- This is a combined total of $100,000 or more ($60,000 from RRSP HBP + $40,000 from FHSA contributions and earnings) you could have for your home.

- If your spouse or common-law partner does the same, you could have a combined total of $200,000 or more.

Note that you’ll have to pay back any funds from the RRSP HBP, but not the FHSA.

There are no fees to withdraw funds from your First Home Savings Account (FHSA) at RBC InvestEase. If you’d like to withdraw funds from your account, sign in to RBC InvestEase and click on Move Money from the top menu and then select Withdraw.
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RBC InvestEase is a restricted portfolio manager providing access to model portfolios consisting of RBC iShares ETFs with each model portfolio holding up to 100% of RBC iShares ETFs. RBC iShares ETFs are comprised of RBC ETFs managed by RBC Global Asset Management Inc. (RBC GAM) and iShares ETFs managed by BlackRock Canada Limited (BlackRock Canada). RBC GAM and BlackRock Canada have entered into a strategic alliance to bring together their respective ETF products under the RBC iShares brand, and to offer a unified distribution support and service model for RBC iShares ETFs.

Other products and services may be offered by one or more separate corporate entities that are affiliated to RBC InvestEase Inc., including without limitation: Royal Bank of Canada, RBC Direct Investing Inc., RBC Dominion Securities Inc., RBC Global Asset Management Inc., Royal Trust Corporation of Canada and The Royal Trust Company. RBC InvestEase Inc. is a wholly-owned subsidiary of Royal Bank of Canada and uses the business name RBC InvestEase.

The services provided by RBC InvestEase are only available in Canada.