Short for First Home Savings Account — a registered Canadian account designed for first-time home buyers, combining an RRSP-style tax deduction on contributions with TFSA-style tax-free withdrawals, as long as the money is used toward a qualifying home purchase.
It's the best of both other accounts, purpose-built for one goal: contributions lower your taxable income the same way an RRSP contribution does, but when you eventually withdraw the money to buy your first home, that withdrawal is completely tax-free — no repayment schedule, unlike the older Home Buyers' Plan that borrowed from an RRSP.
It comes with an annual and lifetime contribution limit, and must generally be used within a set number of years of opening it or the funds roll into an RRSP. It's specifically for people who don't already own a home (or haven't in the past several years) — not a general-purpose investing account.