OTTAWA – The Liberal government’s marquee tax-free First Home Savings Account (FHSA), intended to help new homebuyers break into the market, saw roughly 600,000 people open an account in its first year, but most did not come close to depositing the full eligible amount, according to documents tabled in the House of Commons.

The Canada Revenue Agency reported that the average FHSA balance in 2023 was $3,792, although the maximum tax-free eligible annual amount is $8,000 (with a lifetime maximum of $40,000). The median deposit for 2023 was $2,040.