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The average FHSA balance is $3,899—Let’s help clients aim higher
The First Home Savings Account (FHSA) is a powerful tool for Canadians working toward homeownership. With tax-deductible contributions and tax-free withdrawals for qualifying purchases, it’s designed to make saving easier and more rewarding.
Yet, with a lifetime contribution limit of $40,000 and an annual cap of $8,000, many clients may not be taking full advantage. The average FHSA balance currently sits at just $3,899*, leaving plenty of room for growth.
Equitable offers three straightforward strategies to help clients boost their FHSA contributions and get closer to their first home—faster:
Set it and forget it with automated contributions
Consistency is key. By setting up automatic monthly deposits of up to $667, clients can effortlessly reach the annual maximum of $8,000. Equitable makes it easy to schedule recurring transfers from a bank account, helping clients stay on track without the hassle of manual deposits.
Make the most of windfalls with lump sum deposits
Bonuses, tax refunds, or inheritances can be powerful savings tools. Equitable allows clients to make one-time contributions anytime, helping them catch up on unused FHSA room from previous years and accelerate their savings.
Transfer from RRSPs—tax-free
Clients who’ve already been saving in an RRSP can transfer those funds into their FHSA—up to their available contribution room—without triggering taxes. This strategy lets them benefit from the FHSA’s tax-free withdrawal feature while staying within their overall savings plan.
Bonus Opportunity: Win big with the Close to Home contest
From May 1 to September 30, 2025, clients who contribute to an Equitable FHSA will be entered to win one of two $8,000 prizes. Whether opening a new account or making a contribution, it’s a great chance for clients to get closer to homeownership.
Advisors, your efforts matter too!
You have a chance to win a $1,000 prize if the client you are assisting, in alignment with their unique homeownership needs, is selected as a winner. At Equitable, we believe that when we grow together, success is mutual.
Don’t forget about Equitable’s user-friendly online application platform, EZcomplete®, or process an online transaction with ease using Equitable’s EZtransact®. These tools are fast, simple, and could bring clients closer to achieving their goals.
Want to learn more? Speak to your Director, Investment Sales.
* Source: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/fhsa-statistics.html
® and ™ denote trademarks of The Equitable Life Insurance Company of Canada.
Equitable’s Close to Home Contest: No purchase necessary. Contest period May 1, 2025 to September 30, 2025. Clients enter by making a deposit to an Equitable FHSA during the contest period or by submitting a no-purchase entry. Two prizes of $8,000 CAD each to be drawn on October 15, 2025 will be awarded. The servicing advisor for the policy to which the selected entrants made the deposit is also an eligible winner and will receive a $1,000 CAD prize. For example, if an Equitable client is a winner of the $8,000 prize, the client’s servicing advisor wins 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 here.
Date posted: September 4, 2025
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Update on our service levels during the COVID-19 pandemic
Supporting your clients and their plan members is more important than ever during the ongoing COVID-19 pandemic
So, we’re providing an update on our service levels.
We acted quickly to ensure there were no disruptions in service – most of our staff were working remotely from home and fully functional within a few days. We’ve reallocated resources from functions where volumes are down, such as dental claims, to those experiencing higher volumes. We also created a separate queue for COVID-19-related STD claims.
As a result, we’ve been able to maintain the industry-leading service levels you have come to expect from us, and our turnaround times continue to be well within our targets.
Here’s a summary of what you and your clients can currently expect in terms of average turnaround times:
Service category Average Turnaround Time
(as of April 26th)Customer Care Centre wait times 89% of calls answered within 20 seconds Responses to emails to our Service Team Within 24 hours Health claims 2 days Dental claims 2 days Life claims 1 day STD claims 4 days LTD claims 4 days Plan member updates 2 days New customer implementations 16 days COVID-19-related plan amendments 4 days Other plan amendments 8 days Quotes 2 days ahead of deadline We will closely monitor the situation and continue to adapt to ensure we maintain our service levels. And we will do our best to resolve any service issues that arise as quickly as possible.
Please feel free to contact your Group Account Executive or myFlex Sales Manager and let us know how we’re doing.
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Tools to manage mental health
As we all continue to manage the impacts of the COVID-19 pandemic, it’s important to remind your clients of the valuable supports available to help their plan members cope through this challenging time.
Free trusted information and COVID-19 resources
Our partner FeelingBetterNow® is responding to the pandemic by providing trusted public resources that offer mental health support. They are available to anyone 24 hours a day, seven days a week, and include:
- What to do if you’re anxious or worried about COVID-19;
- Resources for parents and caregivers; and
- National and Provincial Public Health resources.
Access COVID-19 resources from FeelingBetterNow.
FeelingBetterNow Mental Health Assessment
In addition to these public resources, Equitable Life clients with FeelingBetterNow as part of their group benefits plan have access to online mental health resources. FeelingBetterNow can help plan members identify their risk for mental health concerns and work with their doctor on diagnosis and treatment. It’s an anonymous tool developed by mental health experts which provides:
- Emotional and mental health assessments;
- Practical, evidence-based tools employees and their doctor can use to assess, treat, and follow-up on emotional and mental health concerns; and
- Convenient online access to information and effective resources.
FeelingBetterNow is easy to use and completely anonymous. It takes less than 20 minutes to complete the assessment and view your results.
Learn more about FeelingBetterNow, then contact your Group Account Executive or myFlex Sales Manager to discuss how your clients can add this service to their plan.
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Changes to coverage of Humira in BC
BC Pharmacare recently announced it is adding Humira to the list of drugs included in its ongoing initiative to switch patients to biosimilar versions of high-cost biologics. Patients taking Humira for most conditions will be required to switch to a biosimilar version of the drug by Oct. 7, 2021 to maintain coverage under the public plan.
Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is also known as the “originator” biologic. Biosimilars are also biologics. They are highly similar to the originator biologic drugs they are based on, and Health Canada considers them to be equally safe and effective for approved conditions.
How we are responding to protect our clients
To help prevent this change from resulting in additional costs for our clients’ drug plans, while still providing plan members with access to safe and effective medications, we will no longer cover Humira for plan members in BC. Effective Oct. 7, 2021, claimants currently taking Humira will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable Life plan.
We will be communicating this change to plan administrators later this week. And we will be communicating with affected claimants in early August to allow ample time to change their prescription and avoid any interruptions in their treatment or their coverage.
If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.
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Changes to Short Term Disability Benefit Calculations
The Canada Employment Insurance Commission and Canada Revenue Agency have announced the 2022 changes to Maximum Insurable Earnings, and premiums for employment insurance. These changes take effect January 1, 2022.
2021 Amount As of Jan. 1, 2022 Maximum Insurable Earnings (MIE)
$56,300 $60,300 Maximum Weekly Insurable Earnings (MWIE)
$1,083 $1,160 EI Benefit
(55% of the MWIE, rounded to the nearest dollar)$595 $638
How does this affect your clients?
If your client’s Group Policy with Equitable Life includes a Short Term Disability (STD) benefit which is tied to the EI Maximum Weekly Insurable Earnings, and at least one classification of employees has less than a $638 maximum, then to comply with the provisions of their policy, their STD benefit will be revised with the maximums updated based on the percentage of EI Maximum Weekly Insurable Earnings shown in their policy.
The additional premium for any increase from their previous STD amounts and new STD amounts will be show on their January 2021 Group Insurance Billing (as applicable).
If their STD maximum is currently higher than $638 or based on a flat amount (not based on a percentage or regular earnings), no change will be made to their plan unless otherwise directed.
If your clients wish to provide direction regarding revising their STD maximum, or have questions about the process, they can email Kari Gough, Manager, Group Quotes and Issue.