First Home Savings Account (FHSA)
Mehra Wealth Management Group- July 2025

We are very pleased to advise that CIBC Wood Gundy First Home Savings Account (FHSA) is now available to all eligible Wood Gundy clients.

The FHSA, a registered plan introduced by the Government of Canada, is designed to help first-time homebuyers save for their first home. Eligible WG clients can make tax-deductible contributions of up to $8,000 annually, with a lifetime contribution limit of $40,000. Any income and gains within the FHSA will accumulate tax-free if the money is used towards the purchase of a qualifying home.

If the funds within the FHSA are not used, the FHSA can be transferred into your RRSP (without affecting contribution room) or RRIF on a tax-deferred basis.

If your children or grandchildren are looking to purchase their first home, you can support them in reaching their goal by gifting the funds to them to put into their own FHSA.

We would be happy to connect and walk you through the benefits and setup process and in learning more about how the FHSA can help you or your family save tax-efficiently for a first home. 

July 2025