Prior to opening an FHSA, you must determine if you are a qualifying buyer. If you meet the qualifications, you can open an FHSA through an FHSA issuer like a bank, a trust or insurance company, or a credit union. These issuers can advise you on the different types of FHSAs and the qualified investments each contains.
While it is possible to have more than one FHSA at once, there are limitations on the amount you can contribute to all your FHSAs and transfer from your RRSPs to all your FHSAs in a calendar year—especially if you want to avoid unintended tax consequences.
FHSA Canada: Checklist to open account
To open an FHSA, you must provide the following information:
- Contact your FHSA issuer
- Provide information such as your date of birth, your social insurance number, and any supporting documents your issuer might require certifying that you are a qualifying individual.
Whether or not you qualify for an FHSA or whether it will benefit you will depend on your financial situation and your long-term homeownership goals. However, it is important to know what the FHSA offered by the Canadian government contains before making any decisions, as well as other programs available for first-time home buyers.
Before committing yourself to getting your mortgage, do your research, such as checking in on what the best mortgage lenders in your area can do for you.