r/FHSA

My husband and I just purchased our first home, closing July 2. We just learned about the FHSA... Is this something we can each open now and max out the $8000 contribution room and withdraw before closing? Will this affect getting our mortgage or anything in any way?

I asked my mortgage broker and he told me I should forget about it and don't bother as it's not worth the trouble, but everything I've read about the FHSA seems to be beneficial to us??

Thanks!

Hey, wondering if anyone’s dealt with this.

I own a home and want to:

-Remove my dad from mortgage/title
-Add my girlfriend
-Possibly have her buy 25–50% of the home

She’s a first-time buyer with an FHSA.

Bank (ATB Financial) told me:

If we just add her → no penalty, just requalify

But didn’t ask about structuring it as a partial purchase.

Questions:

-Can FHSA (First Home Savings Account) be used to buy into an existing partner’s home?

-Does this usually trigger a mortgage break/penalty?

-Does the purchase agreement need to happen
before adding her to title?

-Trying to avoid penalties but still let her use FHSA if possible.

Appreciate any insight