1 / Each year, individuals can contribute up to $8,000 to an FHSA and withdraw the funds tax-free for their first home purchase.

2 / The total lifetime contribution limit is $40,000.

3 / Like an RRSP, contributions to the FHSA are tax-deductible, allowing you to reduce your taxable income for the year in which contributions are made.

4 / A wide range of investment products can be held in an FHSA.

5 / Investment income and gains within the FHSA are tax-sheltered until it is withdrawn.

6 / Withdrawals from the FHSA can be made tax-free provided the account holder is a qualified First Home Buyer and the withdrawal is used to help finance the purchase of a qualifying property in Canada.

7 / The FHSA must be closed by the 15th anniversary of opening the account or the end of the year in which the holder turns 71, whichever comes first. Any unused funds may be transferred to an RRSP or RRIF tax-free.

8 / ​Anyone between the ages of 18 and 71 is eligible to open an FHSA provided they have not purchased a qualifying home that was their principal residence during the year the account was opened or the preceding 4 calendar years.