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Saw a home you love? Make it a reality

Saving for your first home just got easier with the MD First Home Savings Account.

Contact an MD advisor*

If you’re saving up to buy your first home, MD Financial Management offers the MD First Home Savings Account to physician families to help them become homeowners.

There’s an easier way to save and reach your home-buying goals

The MD First Home Savings Account (MD FHSA) offers the best of both worlds. It’s a savings account that combines the best features of a registered retirement savings plan (RRSP) with a tax-free savings account (TFSA). Get tax deduction perks like an RRSP, and grow your money without it being taxed, just like a TFSA.

How the MD First Home Savings Account works

First-time homebuyers can open an MD FHSA and contribute up to $8,000 each year, for five years, for a total of up to $40,000.

The funds must be used within 15 years of opening the MD FHSA.

You can contribute up to $40,000 with no tax on the growth, to put toward your down payment.

Any unused contribution room automatically carries forward with limits.

Am I eligible for the MD First Home Savings Account?

To open an MD FHSA1, there are three essential requirements:


You must be a resident of Canada


You must be at least 18 years of age~


You must be a first—time home buyer2

Combining an FHSA for a bigger down payment

The MD FHSA is a great way to kick-start your savings because you don’t pay taxes on your savings and you get a tax deduction for the contribution amount. You contribute pre-tax income; withdrawals, including any profits earned through interest, are tax-free. Plus, you can use both an FHSA and the Home Buyers’ Plan within your RRSP to make a down payment on the same house.3

Withdrawing funds or transferring savings

You must use the funds within 15 years of opening your FHSA, and if you withdraw funds for any reason other than to make a qualifying home purchase, you will have to pay taxes. The tax-free FHSA is specifically for the purchase of your first home. If you choose not to purchase a home within 15 years of opening the account, it will be closed — but you can transfer the savings you have built up in the account into your RRSP tax-free (contribution room not required).

Intergenerational wealth transfer

If you’re looking to help your family or loved ones save for their first home, the MD FHSA is an easy way to help with their down payment. This account is a significant savings vehicle to help your family by allowing investments to grow without being taxed. When considering intergenerational wealth transfer, using the MD FHSA gives valuable tax-saving opportunities and a way to quickly save for a first home.

Homeownership might be closer than you think

See how physician families can tap into the benefits of an FHSA

How to get the most out of the first home savings account (FHSA)

Read article

How does the FHSA compare with the TFSA, RRSP and Home Buyers’ Plan (HBP)?

Read article

The MD FHSA is offered exclusively with MD PlusTM (MD Management Limited).

* MD Advisor refers to an MD Management Limited Financial Consultant or Investment Advisor (in Quebec), or an MD Private Investment Counsel Portfolio Manager.

MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies and Scotia Wealth Insurance Services Inc. For a detailed list of the MD Group of Companies visit md.ca and visit scotiawealthmanagement.com for more information on Scotia Wealth Insurance Services Inc.

~ In certain provinces and territories, the legal age at which an individual can enter a contract, including opening an FHSA, is 19. You must be at the age of majority in your province or territory of residence and provide a valid social insurance number.

1 To open an MD FHSA you must qualify to be a client of MD Financial Management. To see if you are eligible to be a client, please contact an MD Advisor.

2 An individual is considered to be a first-time homebuyer if at any time in the part of the calendar year before the account is opened or at any time in the preceding four years they did not live in a qualifying home (or what would be a qualifying home if located in Canada) that either (i) they owned or (ii) their spouse or common-law partner owned (if they have a spouse or common-law partner at the time the account is opened).

3 Subject to the terms and conditions of the Home Buyers’ Plan.