Can Both People in a Couple Each Open an FHSA?

An answer to one of our most-frequently-heard questions on FHSAs.

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 Hey, short video, but judging from the number of times I’m hearing forms of the question below, an important one. Good news here! For most couples, the answer is yes… or yes, yes. You just have to make sure each of you hits the FHSA’s eligibility requirements. As long as you do, yes you can double up and both use an FHSA.

So what are the eligibility requirements? Well, you have to be of legal age in your province or territory. 18 or 19. You have to be a resident of Canada. You have to be 71 or younger by December 31st of the year you open your FHSA. So if you’re an 88-year old living in Australia, the FHSA is looking pretty shaky for you.

And a biggie, you did not live in a home as your principal place of residence that you owned or jointly owned this year or for the previous four calendar years AND you did not live in a home as your principal place of residence that your spouse or common-law partner owned or jointly owned over that same time period.

Same rules apply to that person. FHSAs are great. Look into them now! Both members of the couple looking to buy their first home can usually take advantage of their wonderful tax breaks. Best advice, obviously? If you’re young and starting out, looking to buy your first home, don’t date someone in their 70s or 80s! No, actually, that, that actually could be quite a good strategy.