Manzil FHSA - First Home Savings Account

Halal Investing in Manitoba

Manzil's FHSA combines Canada's best-designed account wrapper with halal contents: contributions are tax-deductible like an RRSP, qualifying first-home withdrawals are tax-free like a TFSA, and there is no repayment obligation (unlike the Home Buyers' Plan). Limits are $8,000 per year and $40,000 lifetime, with carry-forward allowing up to $16,000 in a single year. Unused savings transfer tax-deferred to an RRSP or RRIF if no home is bought within 15 years. Corex Financial manages the AAOIFI-screened portfolio - no GICs or interest instruments - making it a natural fit for buyers saving toward Manzil's own halal home financing, which requires 20% down.

The FHSA is arguably Canada's best-designed account - RRSP-style deductions going in, TFSA-style tax-free money coming out for a first home, no repayment obligation - and Manzil wraps it in AAOIFI-certified halal portfolios managed by Corex Financial. The strategic fit is obvious: Manzil's own halal home financing requires 20% down, and this account is the most tax-efficient way to build that down payment without parking money in interest-bearing GICs like most FHSA providers assume. Limits are $8,000 a year and $40,000 lifetime, and if no home materializes within 15 years the balance rolls tax-deferred into an RRSP. Canadian fees are unpublished, so confirm at signup. Best for first-time buyers building a halal down-payment fund with a defined timeline.