What are the benefits of using an FHSA compared to other savings accounts ?

Even if you are unsure about purchasing a home or contributing $8,000, now is an opportune time to consider opening an FHSA. One of the most important benefits of FHSA is that similar to RRSP, contributions to a FHSA are deductible from income. Upon opening your account, you have up to 15 years, or until you reach the age of 71 (whichever comes first), to make contributions and utilize the funds for your first home purchase.