What does CELIAPP mean in English?
CELIAPP is the French name of the FHSA, the First Home Savings Account. The full French name is compte d'épargne libre d'impôt pour l'achat d'une première propriété. Same account, same $8,000 annual and $40,000 lifetime limits, same tax-free withdrawal rules. Quebec banks simply display the French acronym.
If your bank statements are in French, you will see CELIAPP. If your tax software runs in English, you will see FHSA and Schedule 15. They are one and the same account, governed by the same federal rules from the Canada Revenue Agency.
How does the FHSA work?
The FHSA is a registered account reserved for a first home purchase. Contributions reduce your taxable income like an RRSP, the money grows tax-free, and the withdrawal is entirely tax-free when it goes toward a qualifying first home. Unlike the Home Buyers' Plan, nothing ever has to be paid back.
It is the only account in Canada that combines both tax advantages: the RRSP deduction going in, and the TFSA freedom coming out. To open one you must be 18 or older, a Canadian resident, and a first-time buyer: neither you nor your spouse lived in a home you owned during the current year or the previous four calendar years. Someone who owned a home more than four years ago can qualify again.
The account can stay open for a maximum of 15 years, or until the end of the year you turn 71.
FHSA contribution limits for 2026
The FHSA limit in 2026 is $8,000 per year and $40,000 lifetime. Unused room carries forward, up to a maximum of $8,000: if you opened your account in 2025 without contributing, you can put in $16,000 in 2026.
- Room only starts when the account is open. Unlike the TFSA, nothing accumulates before you open an FHSA. Opening early, even with $100, starts the clock.
- No first-60-days rule. Unlike an RRSP, an FHSA contribution counts for the calendar year it is made. A February 2026 contribution is deducted in 2026, not 2025.
- The deduction can wait. You can contribute now and claim the deduction in a future, higher-income year.
Each spouse has their own limit: two full FHSAs mean $80,000 of capital, before any growth.
How to open an FHSA
An FHSA can be opened at most Canadian financial institutions: Desjardins, the big banks, online brokerages. You need to be 18, have a Social Insurance Number and a piece of ID. Opening takes a few minutes online and immediately starts building your contribution room.
The account can hold the same investments as a TFSA or RRSP: cash, GICs, mutual funds, ETFs, stocks. The real question is what to put inside given your timeline: buying within two years calls for safety, five years or more can justify some growth.
Schedule 15: the FHSA tax form
Schedule 15 is the federal form that reports your FHSA activity. You must file it with your income tax return starting the year you open your first FHSA, even if you contributed nothing. It is what registers your contribution room with the CRA. In French software, the same form is called annexe 15.
The number one trap: opening an FHSA in December, contributing nothing, and skipping Schedule 15. The CRA then has no record of your account and your carry-forward room can be denied. File it every year the account is open.
- Wait for your T4FHSA slips from your institution early in the year.
- Report the year's contributions on Schedule 15. Transfers coming from an RRSP are reported too, but give no deduction.
- Choose how much to deduct. You can deduct less than the maximum and carry the rest forward.
- Claim the deduction on line 20805 of your federal return and, for Quebec residents, on line 215 of the Quebec return.
Making a tax-free withdrawal
An FHSA withdrawal is tax-free when it is a qualifying withdrawal: you are a first-time buyer at the time of withdrawal, you have a written agreement to buy or build a home in Canada before October 1 of the year after the withdrawal, and you intend to occupy it as your principal residence within a year.
You fill out form RC725 and hand it to your institution, which releases the funds with no tax withheld. You can withdraw everything, growth included, and even do so up to 30 days after moving in. After a qualifying withdrawal, the account must be closed by December 31 of the following year; any leftover balance rolls into your RRSP tax-free.
FHSA vs HBP: which one should you use in 2026?
Both. The FHSA and the Home Buyers' Plan (RAP in French) can be combined on the same purchase. The FHSA gives you up to $40,000 plus growth with no repayment ever. The HBP lets you borrow up to $60,000 from your own RRSP, repayable over 15 years. Combined, one buyer can mobilize $100,000 and a couple twice that.
| FHSA | HBP | |
|---|---|---|
| Source of funds | Dedicated account | Your RRSP |
| Maximum | $40,000 + growth | $60,000 |
| Repayment | None, ever | Over 15 years, or taxed |
| Tax deduction | Yes, on contribution | Already taken (RRSP) |
| If you never buy | Tax-free rollover to RRSP | Money stays in the RRSP |
The logical order for most first-time buyers: fill the FHSA first (no repayment to drag around), then draw on the RRSP through the HBP if your down payment target requires it.
More guides in English
Buying or selling in Quebec means dealing with rules that are written in French first. These guides cover the same rules, in English, with the French names you will actually see on the documents.
- Quebec welcome tax and the $5,875 refund
How the transfer duties brackets work, and the Montreal first-buyer refund. - The promise to purchase explained
Why it is binding, the usual conditions and what you cannot remove. - New build vs resale in Quebec
What changed on the GST in 2026, and the real cost gap between the two.
Our team works in French and in English: call 438 807 3653 and ask for an English-speaking broker.
From your FHSA to your first home on Montreal's South Shore
A full FHSA is $40,000: exactly the minimum down payment on a $650,000 property, or 10% of a $400,000 condo, the median condo price in Brossard. A couple with two full accounts holds $80,000 before growth. That is a real purchase plan, not just a savings account.
We guide first-time buyers from search to keys, in English and in French, and a buyer pays nothing: the seller pays the commission.
FHSA frequently asked questions
Can I have an FHSA and a TFSA at the same time?
Yes. The two accounts have completely separate limits. You can put $8,000 into your FHSA and $7,000 into your TFSA in the same year. For a first home, the FHSA comes first: unlike the TFSA, your contribution is deductible from your taxable income.
What happens to my FHSA if I never buy a home?
Nothing is lost. You can transfer the full balance into your RRSP or RRIF, tax-free and without using up any of your existing RRSP room. The account must be closed at most 15 years after opening, or at the end of the year you turn 71.
Can I contribute to my spouse's FHSA?
No, only the account holder can contribute and claim the deduction. However, you can give money to your spouse so they contribute to their own FHSA: the attribution rules do not apply, and together a couple can build $80,000 in combined capital.
Does the FHSA reduce my Quebec taxes too?
Yes. Quebec is harmonized with the federal rules: the deduction is claimed on line 20805 of your federal return and on line 215 of your Quebec return. In French tax software, the FHSA form is called annexe 15.
General information as of July 2026, based on rules published by the Canada Revenue Agency and Revenu Québec. This guide is not personalized tax advice: for your own situation, talk to your accountant or financial planner.