Interactive Brokers Tax-Free FHSA for Canadian Residents

Interactive Brokers has officially launched the First Home Savings Account (FHSA) for eligible Canadian residents, offering a tax-efficient solution to help first-time buyers save and invest for a home.

The FHSA is a government-registered account here to support Canadians on the path to homeownership. Interactive Brokers Canada now allows clients to open this account and gain access to a wide array of tradable instruments through its powerful trading platforms.

Interactive Brokers Tax-Free FHSA for Canadian Residents

Also, key benefits of the FHSA include:

• Tax-Free Growth: Contributions are tax-deductible, and any capital gains or interest income earned within the account is tax-free.
• Investment Options: Clients can invest in US and Canadian stocks, options, and US bonds.
• Generous Limits: Annual contribution limit of CAD 8,000, with a lifetime maximum of CAD 40,000.
• Long-Term Flexibility: If unused for a home purchase within 15 years, FHSA funds can be transferred tax-free to a Registered Retirement Savings Plan (RRSP).

“Buying a home is one of the biggest financial milestones, and we’re happy to offer a savings solution that helps Canadians reach this goal,” said Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers. “Our FHSA provides tax-free investment growth, low costs, and access to global markets, empowering Canadians to maximize their savings potential.”

Moreover, Eligible individuals — first-time buyers or those who haven’t owned a home in the past four years — can open an FHSA with Interactive Brokers Canada through a streamlined process. With no added platform fees, low commissions, and advanced trading tools, clients can efficiently grow their savings while preparing for homeownership.

So, Interactive Brokers continues to expand its suite of offerings, reinforcing its commitment to helping clients reach their financial goals through innovative and cost-effective solutions.

Company Overview

Interactive Brokers caters to diverse requirements, offering competitive fees alongside a wide array of trading options such as stocks, ETFs, options, futures, and other global assets. It distinguishes itself as a top-tier brokerage, particularly appealing to traders and investors seeking a straightforward trading experience. With Interactive Brokers’ user-friendly platform, users can execute trades seamlessly, benefiting from competitive spreads that enhance cost-effectiveness. 

Discover more in our Complete Review.