Accounts Personal

Your First Home Just Got Closer: Meet the FHSA

Buying your first home might feel like climbing a mountain with a backpack full of bricks—but what if we told you the government will help carry some of the load? The First Home Savings Account (FHSA) is a game-changer, and Prosperity Credit Union is here to help you make the most of it.

If you’re dreaming of home ownership, here’s why you should open an FHSA yesterday:
Mother and child on lawn playing soccer
PE
Prosperity Expert
Prosperity Team

Why the FHSA Packs a Punch:

  1. Double-Duty Tax Breaks.
    Contributions are tax-deductible (just like an RRSP), and your withdrawals—if used for a qualifying home—are tax-free (like a TFSA). That’s a win-win most accounts can’t offer.
  2. Room to Save Big.
    You can contribute up to $8,000 per year, with a lifetime limit of $40,000. That’s a solid foundation for a down payment, with tax-free growth on top.
  3. Built for First-Timers.
    If you’re a first-time homebuyer (or haven’t owned a home in the past 4 calendar years), this account is made just for you. It’s your fast track to the front door.
  4. No Rush, No Pressure.
    You’ve got up to 15 years to use the funds, so even if you’re not quite ready to buy, you can start saving now and give your money time to grow.
  5. Start Where You Are.
    You don’t need thousands to begin. Start small, build momentum, and let the FHSA do the heavy lifting. A little today adds up to a lot more tomorrow.

Invest in your future home—tax-smart, stress-free, and backed by Prosperity.

Whether you’ve got your dream house picked out or you’re just starting to browse the listings, an FHSA helps get you there faster. Talk to us today to open your account and start building your home-buying power.

Because everyone deserves a place to call home—and we’d love to help you find yours.