If you're a Canadian looking to save for your first home, you'll definitely want to pay attention to this. Starting on April 1, 2023, the first home savings account will become available to eligible Canadians. In this video, we cover everything you need to know about the First Home Savings Account (FHSA), including its features, eligibility requirements, comparison to the Home Buyer’s Plan (HBP) and more.

UPDATE
I wanted to clarify that there has been revised legislation so you can now withdraw from both your FHSA and RRSP (originally the government said you couldn't): "You can withdraw amounts from your RRSP under the Home Buyers’ Plan (HBP) and make a qualifying withdrawal from your FHSA for the same qualifying home, as long as you meet all of the conditions at the time of each withdrawal." according to https://www.canada.ca/en/revenue-agen....

00:00 Intro
00:20 What is a FHSA
01:40 Eligibility
02:48 What does my money do in a FHSA
03:22 Contributions
04:22 Buying your First Home (Qualifying Withdrawals)
05:50 FHSA vs. HBP (Home Buyers’ Amount)
08:07 Transfers

Sources for video:
https://www.canada.ca/en/department-f...
https://www.canada.ca/en/revenue-agen...

Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for educational purposes only. Please do your own research as rules may be subject to change and to consult with your own financial advisor, accountant and/or tax advisor.
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HOW TO OPEN A FHSA?
Financial institutions should have them available.
I personally like to use Questrade and use a self-directed investment account for lower fees and commission.
Questrade just released the FHSA - get $50 cash if you sign up using my referral code 666020718448695 and deposit $1000 within 60 days (and get the tax deduction for 2023).
Sign up here https://www.questrade.com/home
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