Eligibility rules for a First Home Savings Account

FHSA contribution rules are straightforward but sometimes easy for clients to misunderstand. For example, while clients can contribute to a spouse or partner’s FHSA, their own tax deduction is still capped at $8,000 per year.

That distinction can have a real impact on how couples structure their savings. Without the right guidance, they may assume they’re reaping greater tax benefits when they’re not. This is where your value as an advisor comes into play.

By helping clients coordinate contributions and align them with their broader tax and savings strategy, you can turn a simple rule into a more effective plan.

As you continue FHSA conversations this summer, this is a good opportunity to reconnect with clients and clarify how contribution strategies work, especially for couples planning together.

From May 1 to August 31, 2026, certain FHSA actions — opening an account and every contribution — earns an entry into Equitable’s Grow Your Way Home contest. Supporting clients is simple with EZcomplete^® and EZtransact^®.

Speak to your Director, Investment Sales for more information and help guide clients through FHSA benefits, contribution strategies and simple ways to automate their savings throughout the summer. Together, you can help them move confidently toward their first home purchase.

Equitable’s Grow Your Way Home contest: No purchase necessary. Contest period is May 1, 2026 to August 31, 2026. Enter by: opening an Equitable FHSA during the Contest Period; making a deposit to your Equitable FHSA during the Contest Period; or submitting a no-purchase entry. Two prizes of $8,000 each to be drawn on September 21, 2026 will be awarded to clients. The servicing advisor for the contract to which the selected entrant made the deposit is also an eligible winner and will receive a $1,000 prize. Open to legal residents of Canada of the age of majority. Odds of winning depend on number of eligible entries received during the Contest Period. For full contest rules, including no-purchase method of entry, see the full contest rules.

Date posted: July 16, 2026