To open an FHSA, you must be:
- A Canadian resident
- The age of majority, either 18 or 19, depending on the province*, and under 71 years old
- A "first time homebuyer" i.e., you and your current spouse or common-law partner must not have owned a home that you lived in as your principal place of residence, at any point during the portion of the calendar year before the account was opened and in the 4 preceding calendar years.
- You must not have already used the FHSA for the purchase of a property
*The age of majority per province:
- 18 years old (Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island)
- 19 years old (British Columbia, New Brunswick, Newfoundland and Labrador, Nova Scotia, Yukon, Nunavut, Northwest Territories)