The FHSA combines an RRSP-style tax deduction with a tax-free withdrawal for a first home, but the account works best at a broker that keeps small, regular contributions cheap. Here’s the 2026 lineup. This guide is general education, not financial advice.
YieldMaple checked Wealthsimple’s, Questrade’s, EQ Bank’s and the bank brokers’ pricing pages and the CRA’s FHSA rules in September 2026, and re-checked them on October 7, 2026.
Which brokerage is best for an FHSA in Canada?
For most FHSA investors, Wealthsimple is the simplest choice at $0 commissions; EQ Bank suits cash savings and Questrade suits US-dollar holdings.
| Profile | FHSA provider | Why |
|---|---|---|
| Several years from buying | Wealthsimple Trade | $0 commissions, fractional shares, equity ETFs |
| 1–2 years from buying | EQ Bank FHSA Savings | Cash savings at 1.50%, no monthly fee |
| Want to hold US dollars in the FHSA | Questrade | you can hold USD in registered accounts, so US trades don't force a conversion |
| Already bank with a big bank | National Bank Direct Brokerage | $0 online stock and ETF trades (BMO InvestorLine also charges $0) |
EQ Bank’s rate applies to its TFSA, FHSA and RRSP cash savings accounts, as posted on EQ Bank’s rates page on October 7, 2026; posted rates can change at any time.
Does your FHSA brokerage choice matter?
Yes, when you contribute monthly and your broker charges per trade, because every purchase carries a commission.
The FHSA’s $8,000 annual limit means reaching the $40,000 lifetime limit takes at least 5 years. Contributing monthly over those years means about 60 purchases:
- Wealthsimple ($0 per trade): nothing in commissions
- TD Direct Investing ($9.99 standard trade): about $600 in commissions, unless the ETF is one of the 108 on TD’s commission-free list, including VFV, VEQT, VGRO, VBAL, SPY, QQQ and TD's own ETFs such as TEQT, but not XEQT
That commission money comes straight out of what would otherwise be invested for the down payment.
When should I open an FHSA?
Open an FHSA as soon as a first-home purchase is likely, because room only starts building in the year you open your first FHSA.
FHSA carryforward in the year you open your first account is $0, so room only starts building from the year you open an account. The CRA’s own example: someone who opens a first FHSA in 2026 and contributes nothing has $16,000 of room in 2027, while someone who first opens in 2027 has $8,000. Unused room carries forward up to $8,000, so the most anyone can contribute in one year is $16,000.
Opening late doesn’t shrink the $40,000 lifetime limit, but it delays how fast you can reach it. The trade-off: opening also starts the participation clock, which ends December 31 of the year of the earliest of: the 15th anniversary of opening your first FHSA, turning 71, or the year after your first qualifying withdrawal.
An FHSA at Wealthsimple or Questrade can be opened online with a $0 balance, and you don’t have to contribute right away. You do need to file Schedule 15 with your tax return for the year you open your first FHSA, even with no contributions.
How much can the FHSA and HBP cover together?
A single first-time buyer can draw on up to $100,000 from the FHSA and the RRSP Home Buyers’ Plan combined, plus FHSA growth.
| Account | Limit | Repayment | Tax treatment |
|---|---|---|---|
| FHSA | $40,000 lifetime | no repayment | Deductible contributions, tax-free qualifying withdrawal |
| RRSP HBP | $60,000 per person | up to 15 years | Deductible at contribution, withdrawal not taxed if repaid |
| Couple, both first-time buyers | $200,000 | Mixed | Two FHSAs and two HBP limits |
Using both for the same home is allowed, as long as you meet the conditions of each at the time of each withdrawal. For a couple where both partners qualify as first-time buyers, the combined limits reach $80,000 in FHSA contributions and $120,000 in HBP withdrawals. For the HBP rules in detail, see the RRSP Home Buyers’ Plan guide. The guide to the home buyers’ amount covers the federal tax credit for first-time buyers and who qualifies.
What to invest your FHSA in
The time until purchase is what drives the choice.
Several years from buying:
- XEQT: 0.19% MER, all-equity global portfolio
- VFV: 0.08% MER, US S&P 500 only, more concentrated
- VEQT: Vanguard’s all-equity equivalent of XEQT (its MER is listed on Vanguard Canada’s fund page)
A few years from buying:
- XGRO: 80% stocks and 20% bonds, 0.19% MER
- XBAL: 60% stocks and 40% bonds, 0.18% MER
Close to buying:
- EQ Bank’s FHSA cash savings account at 1.50%
- GICs held inside an FHSA, which lock a rate until maturity
The closer the purchase date, the less time there is to recover from a fall. A 30% market drop the year before closing on a house cuts the down payment directly; the same drop with a decade to recover is a different risk. For a wider comparison of FHSA providers, see the best FHSA in Canada guide.
Bottom line
Opening an FHSA early starts room building, whatever your contribution timeline. Wealthsimple is the simplest place for most Canadians who plan to invest the account; EQ Bank covers cash savings close to a purchase, and Questrade covers US-dollar holdings. Pairing the FHSA with the RRSP Home Buyers’ Plan raises the total available for a first home.
Open an FHSA with Wealthsimple
Save for your first home in a self-directed or managed FHSA.
New clients get a $25 cash bonus when they open a Wealthsimple account through our referral link and deposit at least $100 from another institution within 30 days.
Affiliate link: YieldMaple may earn a referral bonus if you open an account. It costs you nothing. Not financial advice.
Read next
- FHSA Explained — full FHSA mechanics
- FHSA Contribution Limit — yearly limits in detail
- RRSP Home Buyers’ Plan — pair with FHSA
- Best FHSA in Canada — full FHSA comparison
- Best Online Brokerage Canada