What is a First Home Savings Account?

A First Home Savings Account (FHSA) is a registered plan designed to help Canadians contribute up to $40,000 on a tax-free basis to use towards the purchase of their first home.

How does an FHSA work?

You can open a self-directed FHSA and make tax-deductible contributions of up to $8,000 annually (to a $40,000 lifetime limit). Unused room can be carried forward. Earnings grow tax-free, and qualifying withdrawals for a first home are also tax-free. Funds must be used within 15 years or by age 71.

Will an FHSA affect my eligibility for the Home Buyers’ Plan (HBP)?

No, you can use both your FHSA and the RRSP Home Buyers’ Plan (HBP) together to buy a home. Note that HBP withdrawals must be repaid to your RRSP, while FHSA withdrawals do not require repayment.

Should I invest in an RRSP, TFSA or FHSA?

It depends on your goals. RRSPs are primarily for retirement with tax-deferred growth. TFSAs are flexible for any goal with tax-free growth and withdrawals. FHSAs specifically target your first home with the tax-deductible benefits of an RRSP and the tax-free withdrawal benefits of a TFSA.

I want to buy a home in the next 2-3 years. Is it too late to open an FHSA?

Not at all. An FHSA can help you save tax-free even on a short timeline. You can contribute up to $8,000 annually and invest those funds in products that match your 2-3 year horizon.

Who is eligible to open an FHSA?

To qualify, you must be a Canadian resident, at least the age of majority in your province, and a first-time homebuyer (meaning you haven't owned a home you lived in during the current year or the previous four calendar years).

What investments can I hold in a self-directed FHSA?

You can hold stocks, options, bonds, exchange-traded funds (ETFs), mutual funds, and certain GICs.

How do I open an FHSA at RBC Direct Investing?

You can complete your application online in minutes. Once approved, you can typically start investing within 24 hours.

Can I hold an FHSA with my spouse?

No, the FHSA is an individual account. However, you and your spouse can each open your own FHSA and combine your individual savings to buy a qualifying home.

How many FHSAs can I have?

You can have multiple FHSA accounts, but your total combined contribution room remains the same. Your 15-year participation limit starts the day you open your first account.

What is the lifetime limit for an FHSA?

The lifetime contribution limit for an FHSA is $40,000.

How much can I contribute to my FHSA each year?

The annual limit is $8,000. If you have unused room from a previous year, you can contribute up to $16,000 in a single year.

Can I carry over unused contribution room in an FHSA?

Yes, you can carry forward up to $8,000 of unused room to the following year, subject to the $40,000 lifetime limit.

Can I contribute to my spouse’s FHSA—and vice versa?

No, you can only contribute to your own FHSA. Your spouse must contribute to theirs, though you can give them the funds to do so without triggering attribution rules.

What happens if I overcontribute to my FHSA?

You will be charged a 1% tax per month on the overcontributed amount until it is withdrawn or new room becomes available on January 1.

Can I transfer funds from my RRSP to my FHSA?

RBC Direct Investing is currently working to make RRSP-to-FHSA transfers available soon. Check back for updates.

Are FHSA withdrawals taxed?

Qualifying withdrawals to buy a home are tax-free. Non-qualifying withdrawals are subject to withholding tax and are added to your taxable income for that year.

When can I make a withdrawal from my FHSA?

You can withdraw at any time. If it's a qualifying withdrawal, you must close the account by December 31 of the following year.

What happens if I don’t use my FHSA funds?

If not used within 15 years or by age 71, funds can be transferred tax-free to an RRSP or RRIF without affecting your RRSP room. Otherwise, withdrawals are taxed.

What happens if I don’t use all of my FHSA funds for a home?

Remaining funds can be transferred tax-free to an RRSP or RRIF by December 31 of the year following your first home purchase. Otherwise, the remainder will be taxed.

Online Investing and Trading - RBC Direct Investing

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Earn up to 7,500 Avion points when you invest with GoSmart. Qualifying conditions apply.^*

^*Offer ends January 11, 2027 for RBC Direct Investing. Only the GoSmart account experience is eligible for this offer.

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Get up to $10,000 in value when you open and fund a new Full Suite RBC Direct Investing account – that’s 500,000 Avion points.^†

^†Qualifying conditions apply. Offer ends January 11, 2027 for RBC Direct Investing. Only the Full Suite account experience is eligible for this offer.

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Open as many accounts as you want and pay no account maintenance fees, no matter your balance or account type.

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Over 50 commission-free ETFs^{Legal Disclaimer footnote 1} — including crypto, gold & silver ETFs

Focus on growth, with exposure to Bitcoin, Ethereum, gold & silver invest for income and more.

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Commission Free Mutual Funds^{Legal Disclaimer footnote 2}

Choose from actively and passively managed mutual funds across investment strategies.

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Transfer $15,000 or more and we'll cover up to $200 in fees charged by your other brokerage. (Up to $500 in fees reimbursed for Royal Circle and Royal Distinction members.)

Self-Directed Investing and Trading FAQs

A GoSmart account is designed for beginning investors who are comfortable making their own investment decisions using the RBC Mobile App. Our aim is to simplify the process of ‘how to invest’ and provide commission-free trading in registered accounts.

It's easy. Visit Open an Account to get started. In many cases, your application will be approved in as little as 24 hours.

If you don't have an account with us yet, the easiest way to transfer an account from another institution is when you open your account online. If you're an existing client, you can use our secure online transfer form to transfer your account from another institution. You can also download the form and visit us in person, or call us at 1-800-769-2560.

For details, see Transfer from Another Brokerage (opens new window) or visit an Investor Centre (opens new window).

Commission-free trading: Save the commission on all mutual funds^{Legal Disclaimer footnote 2} and a selection of over 50 exchange-traded funds (ETFs)^{Legal Disclaimer footnote 1}.
Pay $0 maintenance fees: Some brokerages charge an account maintenance fee unless you meet certain conditions. At RBC Direct Investing, there’s no maintenance fee, no matter how much you invest—or the type of account you hold.
Use your Avion Points to pay trade commissions: If you’re an Avion Rewards member and you have an eligible RBC Direct Investing account, you can use your Avion points to pay for online and mobile trade commissions—or to make cash contributions to your account.^{Legal Disclaimer footnote 3}
Transfer fees: Transferring from another brokerage? Move $15,000 or more and we'll reimburse you up to $200 for fees they charge.^{Legal Disclaimer footnote 4} ($500 in fees reimbursed for Royal Circle and Royal Distinction members.^{Legal Disclaimer footnote 5} )

See the Commissions and Fees Schedule.

GoSmart is currently just for RBC clients using the RBC Mobile app. Not a client of RBC yet? Explore more RBC Accounts (opens in a new window).

You do not need to be an RBC client to open a full suite Direct Investing account.

GoSmart is a streamlined investing platform that only offers registered accounts in Canadian currency. A full suite RBC Direct Investing account offers a wider range of investment products, both registered and non-registered accounts, multiple currencies, expanded tools and research geared towards established investors. GoSmart Comparison (opens in a new window).

You can trade for $0. You get unlimited trades on more than 50 select ETFs, plus 50 commission-free trades per year on Canadian and U.S. stocks and ETFs. After that, you pay $9.95 per trade. The RBC Direct Investing Commission and Fees schedule applies to a GoSmart account. Please visit www.rbcdirectinvesting.com/pricing (opens in a new window) for more information.

You can open as many registered accounts (RRSP, TFSA, FHSA) as you want. You can trade (buy or sell) U.S. and Canadian stocks and ETFs in your GoSmart account – as long as they are qualified investments.

Choose from stocks, ETFs, GICs, bonds, mutual funds and more when you open a full suite RBC Direct Investing account.

Note: At this time, certain GICs cannot be purchased, sold or transferred into your FHSA.

Canadian dollar only. You can trade and hold U.S. listed equities and ETFs but you cannot hold U.S. dollars. If you place a trade for a U.S. denominated security the current foreign exchange conversion rate will be applied.^{legal disclaimer 6}
These investment products and features are not available in a GoSmart account:
- Mutual Funds
- Fixed Income
- Foreign Securities (securities listed outside of Canada and the United States)
- Options
- Margin
Access to the above is available through a full suite RBC Direct Investing account.
No transfers-in-kind: you cannot transfer securities to this account; you can transfer cash and securities out.

No, GoSmart accounts are not eligible for the offer.

Screenshots are for illustration purposes only.

There may be commissions, trailing commissions, investment fund management fees and expenses associated with investment fund and exchange-traded fund (ETF) investments. RBC Direct Investing Inc. does not offer mutual funds that pay trailing commissions in accordance with rule changes banning such payments to order execution only dealers effective June 1, 2022. To the extent that mutual funds paying trailing commissions are transferred into RBC Direct Investing Inc. or were held at RBC Direct Investing Inc. prior to June 1, 2022, and cannot be switched into an equivalent non-trailer paying fund, any trailing commissions paid to RBC Direct Investing Inc. will be rebated to clients. Before investing, please review the applicable fees, expenses and charges relating to the fund as disclosed in the prospectus, fund facts or ETF facts for the fund. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. For money market funds there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you.

GoSmart is a service offered by RBC Direct Investing Inc. RBC Direct Investing Inc. and Royal Bank of Canada are separate corporate entities which are affiliated. RBC Direct Investing Inc. is a wholly owned subsidiary of Royal Bank of Canada and is a Member of the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund. Royal Bank of Canada and certain of its issuers are related to RBC Direct Investing Inc. RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. Investors are responsible for their own investment decisions. RBC Direct Investing is a business name used by RBC Direct Investing Inc. ^®/™ Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. Used under licence. ^© Royal Bank of Canada 2026.

Legal Disclaimer footnote 1

The commission fee detailed in the Commission and Fee Schedule as applicable to Stocks and ETFs will be waived for ETFs listed as eligible for commission free trading at the time an order is placed. The list of ETFs eligible for commission-free trading is not guaranteed and may change from time to time. The standard commission fee may be applied to ETFs not listed as eligible for commission-free trading at the time an order is placed. The inclusion or exclusion of any ETF under commission-free trading does not constitute a recommendation by RBC Direct Investing to purchase or sell such securities. RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. Investors are responsible for their own investment decisions.

Legal Disclaimer footnote 2

Mutual fund companies may assess additional fees — for example, deferred sales charges on back-end load funds, early redemption fees, setup fees and fees for insufficient funds on pre-authorized purchases.

Legal Disclaimer footnote 3

The Avion Rewards program is offered by Royal Bank of Canada and is subject to the Avion Rewards Terms & Conditions (opens new window). You may only use your Avion points through RBC Direct Investing to: (1) pay for commissions on trades placed online or through RBC Mobile in Canadian or U.S. stocks, ETFs and options in your eligible RBC Direct Investing accounts; or (2) transfer points to deposit or make cash contributions in CAD to your eligible RBC Direct Investing accounts. It is your responsibility to make sure you have sufficient contribution room within your registered plan when redeeming points for cash in CAD to contribute to your registered accounts and/or when you use your Avion points to pay for commissions on trades placed in Canadian or U.S. stocks, ETFs and options in a registered account. The Canada Revenue Agency may apply tax penalties for over-contributions. RBC Direct Investing is not responsible for any such penalties.

Legal Disclaimer footnote 4

Up to C$200 in transfer fees will be covered when you transfer C$15,000 or more to RBC Direct Investing from an investment account held at a financial institution that is not affiliated with RBC. Clients must provide proof of transfer fee payment to RBC Direct Investing within six months of transfer to be eligible for reimbursement. Please contact an RBC Direct Investing representative for more details at 1 800-769-2560.

Legal Disclaimer footnote 5

For Royal Circle and Royal Distinction members up to C$500 in transfer fees will be covered when you transfer C$15,000 or more from an investment account held outside RBC Financial Group to RBC Direct Investing. Proof of transfer fee payment must be provided.

Legal Disclaimer footnote 6

If you place a trade in a US denominated security, or receive an entitlement (e.g., a dividend) from an issuer of an US denominated security, a foreign exchange transaction will occur and foreign exchange fees will apply. This means that the Canadian dollars you hold in your account will be converted to US dollars or the US dollars you receive will be converted to Canadian dollars to be held in your GoSmart account. This conversion occurs at the prevailing Foreign Currency Conversion Rate. The Foreign Currency Conversion Rate that appears on your trade confirmation and account statement includes the spread that RBC Direct Investing (or our affiliates) earn for performing foreign currency transactions for you. The spread is the difference between the rate we (or our affiliates) obtain and the rate you receive. The Foreign Currency Conversion Rate and the spread will depend on a number of factors, including market terms and conditions as well as the amount, date and type of foreign currency transaction. Foreign exchange rates and the spread is subject to change without notice. Please refer to RBC Direct Investing Commission and Fee Schedule (opens new window) for more information.

Legal Disclaimer footnote *

Under the GoSmart 7,500 Avion Points Offer, you could receive up to 7,500 Avion points when you open your first GoSmart Account(s) with RBC Direct Investing (the ‘Offer’).

To qualify for the Offer, you must:

Be a Canadian resident and at least the age of majority in your province/territory at the time of opening your first GoSmart Account;
Take the following actions:
- A) To receive the first 4,500 Avion points, you must:
  - i) Open your first GoSmart Account(s) with RBC Direct Investing between November 3, 2026 and January 11, 2027 (inclusive) by scanning the QR code for the Offer or following a promotional link for the Offer on rbcdirectinvesting.com.
  - AND
  - ii) Contribute a minimum of $1,500 (One thousand five hundred Canadian Dollars) in Qualifying Net Contributions to your new GoSmart Account(s) by February 11, 2027 (Contribution Deadline).
- B) To receive the remaining 3,000 Avion points, you must set up a recurring investment totaling $300 or more in the first 6 months of opening your account(s). For example, that could mean setting up a $50 recurring investment each month for 6 months. Please refer to full terms and conditions for details.
Be an Avion Rewards member by February 11, 2027.

The 7,500 Avion points will be deposited in your Avion Rewards account as follows, provided your Avion Rewards account remains open at that time: The first 4,500 Avion points will be deposited in your Avion Rewards account in April 2027, provided you meet requirements set out in 2A) above. The remaining 3,000 Avion points will be deposited in your Avion Rewards account in August 2027, provided you meet the requirements set out in 2B) above.

For full terms and conditions applicable to this offer, please visit: https://www.rbcdirectinvesting.com/gosmart/conditions/7500.html

†

Under the RBC Direct Investing 2027 Winter Offer, you could receive 1 Avion point for every $2 of Qualifying Net Contributions up to a maximum of 500,000 Avion points (“the Offer”) if you satisfy the following Qualifying Criteria:

Be an Eligible Client. An “Eligible Client”:
1. Is a resident of Canada and of the age of majority in the province or territory in which they reside as of the date the Eligible Investment Account is opened;
2. Is a New Investment Client or an Existing Investment Client, as defined below, for RBC Direct Investing Inc. (“RBC Direct Investing”).
  - A New Investment Client is a person who has not held a personal investment account with RBC Direct Investing (excluding GoSmart) before November 10, 2026.
  - An Existing Investment Client is a person who holds a personal investment account with RBC Direct investing before November 10, 2026.
    
    An Existing Investment Client with RBC Direct Investing must register for the Offer between November 10, 2026, and January 11, 2027 (the “Registration Period”). The Existing Investment Client can register by completing the registration form and including first name, last name, email, and address exactly as stated in their RBC Direct Investing Profile as of January 11, 2027. Once registered, all Eligible Accounts, as defined below, will be included in the Offer.
3. Is an Avion Rewards member by February 11, 2027. For more information on eligibility visit https://www.avionrewards.com/eligibility.html.
Open an Eligible Investment Account (New Investment Clients) or Register an Eligible Investment Account (Existing Investment Clients of RBC DI) and Transfer-in Qualifying Net Contributions (all Eligible Investment Clients):
1. A New Investment Client must open an Eligible Investment Account(s) between November 10, 2026 and January 11, 2027 inclusive, and make $5,000 in Qualifying Net Contributions between November 10, 2026 and February 11, 2027 inclusive.
2. An Existing Investment Client must register for the Offer between November 10, 2026 and January 11, 2027, and then complete a minimum $5,000 transfer-in from a non-RBC affiliated legal entity to your Eligible Investment Account(s) using the RBC Mobile app or online between November 10, 2026 and February 11, 2027, inclusive to qualify for the Offer.
For Eligible Investment Accounts for New and Existing Investment Clients, please see full Terms and Conditions available here.
Maintain the Qualifying Net Contributions in the Eligible Investment Account(s).

Keep the Qualifying Net Contributions in the Eligible Investment Accounts until February 11, 2028. If you withdraw, deregister, transfer-out or remove contributed/transferred assets from your Eligible Investment Account(s) at any time during the Promotional Period, these amounts will be subtracted from your Qualifying Net Contributions.

An Eligible Client who satisfies the Qualifying Criteria will receive four deposits of Avion points that will be made in June 2027, September 2027, December 2027, and March 2028, respectively, provided the Eligible Client continues to meet the Qualifying Criteria at the time of each Offer Payment.

The Offer may be modified, restricted, withdrawn or extended at any time without notice at the sole discretion of RBC Direct Investing and is subject to the full terms and conditions of the Offer.

Key Dates for the Offer
Key Dates for the Offer	Deadline for RBC Royal Bank or RMFI	Deadline for RBC Direct Investing
Register for the Offer	Not applicable	January 11, 2027 (existing clients only)
Open an Eligible Investment Account or Initiate Transfer-in	March 31, 2027	January 11, 2027
Complete Funding (Contribution Deadline)	May 29, 2027	February 11, 2027
Become an Avion Member	May 29, 2027	February 11, 2027
Maintain Qualifying Net Contributions (Promotional Period)	February 28, 2028	February 11, 2028
1st Quarterly Avion Points Payment	June 2027	June 2027
2nd Quarterly Avion Points Payment	September 2027	September 2027
3rd Quarterly Avion Points Payment	December 2027	December 2027
4th Quarterly Avion Points Payment	March 2028	March 2028

The Avion Rewards program is offered by Royal Bank of Canada and is subject to the Avion Rewards Terms & Conditions.

RBC Online Banking is operated by Royal Bank of Canada.

RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc.

If you have an RBC Direct Investing account(s), please contact an RBC Direct Investing representative for more details at 1-800-769-2560.

The Travel Value of $10,000 is based on an Air Travel Redemption from the Air Travel Redemption Schedule that is only available to Avion Elite Members. All applicable taxes, service fees and surcharges are the responsibility of the traveller.

All Avion Rewards members with the exception of Personal ION Accounts, Avion Rewards Core Product Accounts and Avion Select members may redeem Points for an RBC Travel Reward at the rate of 100 Points per $1.00 CAD to pay for all or part of your booking, including associated taxes and fees. A minimum of 1,000 Points must be redeemed. A service charge and other conditions may apply.

If you have a Personal ION Account or an Avion Rewards Core Product Account, you may redeem your Points for an RBC Travel Reward at the rate of 100 Points per $0.58 CAD to pay for all or part of your booking, including associated taxes and fees. A minimum of 2,500 Points must be redeemed. A service charge and other conditions may apply. Please refer to the Avion Rewards Terms and Conditions for a list of eligible products and respective travel redemption rates.

Redemption rates vary depending on redemption category. For general redemption terms, conditions and restrictions that apply to the Avion Rewards program, please visit avionrewards.com or call 1-800 ROYAL 1-2 (1-800-769-2512).

Your investment (CAD):	Avion points you’ll receive:	Value up to (CAD)^{legal disclaimer 12}: Excluding taxes, surcharges and fees.
$15,000	7,500	$175 (one way flight nearby)
$30,000	15,000	$350 (round-trip flight nearby)
$70,000	35,000	$750 (round-trip flight within North America)
$130,000	65,000	$1,300 (round-trip flight to Europe)
$1,000,000	500,000	$10,000 (see the world)

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