First Home Savings Account

A powerful financial tool designed to help your members achieve their goal of homeownership.

For many Canadians, purchasing their first home is an important milestone. The First Home Savings Account (FHSA) offers a strategic solution to make this more achievable and financially advantageous. Your members can make tax-deductible contributions of up to $8,000 per year (subject to a $40,000 lifetime limit), and can withdraw these funds tax-free when purchasing a home, resulting in substantial tax savings.

What you get with Central 1's FHSA offering

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Efficient operations support

We handle your back-office needs, including operations, compliance, estate, tax and year-end reporting guidance, allowing you to focus on member engagement.

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Access FHSA resources

Access our FHSA operations manual, a comprehensive guide that covers all FHSA features and stays up-to-date with CRA prescribed forms for all of your  transactions.

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Ready to use FHSA brochures

Gain access to ready-to-use digital and print FHSA brochures, empowering you to quickly boost your outreach and reinforce your brand presence.

What are the benefits to your organization?

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Enhanced control and flexibility

Our trustee arrangement enables you to take charge of the administration of your clients and accounts, giving you the freedom to focus on nurturing meaningful member connections.

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Stay ahead of changes

Regulatory and tax landscapes are always evolving. Central 1 diligently monitors legislative changes, coupled with timely communication, ensures you remain compliant and up-to-date.

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Responsive expertise

Our FHSA team is available to answer your questions, providing timely responses with a service commitment of one hour during regular business hours.

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Competitive pricing

We offer a cost competitive solution to effectively support your clients.

How the FHSA is offered to your Financial Institution

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Central 1* offers the FHSA in a trustee arrangement: we will act as a trustee, providing the CRA approved application, operations manual —including forms, as well as product and back-office compliance and regulatory support; your financial institution provides the system and performs administration on the account.

*As trustee, Central 1, through its subsidiary the Central 1 Trust Company, offers registered plan programs to credit unions across Canada. Are you an individual looking to open an RRSP, RDSP or other Registered Financial Products? Find a credit union in your community here.


The FHSA can help position you as a trusted partner in your members' pursuit of homeownership. It can also serve as a catalyst for membership growth and customer loyalty.

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