As housing affordability challenges grow in Canada, the federal government introduced the First Home Savings Account (FHSA) — a tax-advantaged way for Canadians to save for their first home. For clients at higher income levels, the Allan Bush Investment Team at CIBC Wood Gundy, recognized for advising high-net-worth families across Waterloo, Kitchener, and the Greater Toronto Area, views the FHSA as a powerful new tool for intergenerational wealth planning and long-term tax efficiency. What Is an FHSA?

The FHSA combines the best features of an RRSP and a TFSA: tax-deductible contributions like an RRSP and tax-free withdrawals like a TFSA. Canadians can contribute up to $8,000 annually, with a lifetime limit of $40,000. Unused contribution room carries forward, and funds can grow through a wide range of investments, from stocks and ETFs to GICs and mutual funds.

Why High-Net-Worth Families Should Pay Attention

While most discussions around the FHSA focus on first-time buyers, high-net-worth families can use it strategically to help children or grandchildren enter the market sooner. By gifting funds to a child who opens an FHSA, families can create long-term advantages — tax-free growth, tax-free withdrawals for home purchases, and transfers to RRSP or RRIF if unused. For many CIBC Wood Gundy clients, the FHSA becomes part of a broader legacy strategy combining philanthropy, education funding, and intergenerational planning.

FHSA vs. TFSA vs. RRSP — A Wealth-Planning Comparison

Timing and Investment Strategy

Because the FHSA’s lifetime window is 15 years, early setup matters. Even if a home purchase isn’t imminent, opening an account now locks in contribution room. Allan Bush’s team designs custom FHSA portfolios that balance liquidity, growth potential, and risk management to preserve capital.

Local Expertise, National Perspective

Based in Waterloo and Kitchener, Allan Bush and his CIBC Wood Gundy team have been guiding families, professionals, and athletes through life’s financial transitions for over two decades. Their approach blends institutional-grade strategies with a deep understanding of community values, whether advising business owners, university faculty, or members of the KW Lightning basketball community.

The Bottom Line

The FHSA is more than a first-time homebuyer’s account — it’s a strategic financial tool that bridges generations. For investors in Waterloo, Kitchener, and beyond, now is the time to explore how this new opportunity fits into your wealth-building plan.