While only you, the account holder, can participate directly in your own FHSA, there is an opportunity for partners to work together to maximize their FHSA(s).

Your partner can't directly contribute to your FHSA, however, your partner can give you money to contribute to the account yourself. Additionally, only the FHSA holder can claim the contributions as a tax deduction on their income tax and benefit return. 

Partners/spouses can choose to open their own FHSAs, and use their qualified withdrawals together towards the purchase of the same home. Funds can also be used in conjuction with those from partners' Home Buyers Plans.

An FHSA can only be open for 15 years and not beyond 71 years of age. Any amount not used to purchase a qualifying home can be transferred to your RRSP or RRIF on a tax-free basis. 

• Investor Savings Account 
• Rate Risers (3 & 5 years)
• Term Deposits, non-redeemable (3 & 5 years)
• 18-month Cashable Term Deposit

Further investment offerings for SASCU’s FHSA may be available at a later time.

To make a “qualifying withdrawal” you must be Canadian resident who is a first-time homebuyer, have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the year of withdrawal, and intend to occupy the qualifying home as your principal place of residence within one year after buying or building it. 

You can carry forward the unused amount to future tax years, up to a maximum of $8,000. This means that your FHSA carry-forward will be added to your FHSA participation room for the following year, allowing you to contribute up to that amount without penalty.