FHSA
Business & Finance abbreviation · Personal Finance
| Stands for | First Home Savings Account |
|---|---|
| Categories | Business & Finance |
FHSA stands for First Home Savings Account, a personal finance abbreviation.
Canadian registered account launched in 2023 that combines RRSP-style deductible contributions with TFSA-style tax-free withdrawals for buying a first home. Holders can contribute $8,000 a year up to a $40,000 lifetime limit.
Example: We each opened an FHSA, so together we can put away $16,000 a year toward a down payment.
Usage notes
The account can stay open for up to 15 years. Money not used for a home can be transferred to an RRSP without using RRSP contribution room, and up to $8,000 of unused annual room carries forward.
Related abbreviations
More personal finance abbreviations
- DMP – Debt management plan
- DTI – Debt-to-income ratio
- EMI – Equated monthly installment
- EPF – Employees' Provident Fund
- ESA – Coverdell education savings account
- FERS – Federal Employees Retirement System
- FICO – Fair Isaac Corporation credit score
- FIRE – Financial independence, retire early
- FRA – Full retirement age
- FSA – Flexible spending account
- HCOL – High cost of living
- HSA – Health savings account