First Home Savings Account (FHSA)

The Tax-Free First Home Savings Account (FHSA) is a new registered plan to help prospective first-time home buyers save for their first home.

Key Features

• Tax-Deductible Contributions: Like an RRSP, contributions you make to an FHSA are tax-deductible.
• Tax-Free Withdrawals: Like a TFSA, withdrawals to purchase a qualifying home are tax-free.
• Annual Limit: You can contribute up to $8,000 per year.
• Lifetime Limit: The lifetime contribution limit is $40,000.

Eligibility

To open an FHSA, you must be:

• A resident of Canada
• At least 18 years of age
• A first-time home buyer

This is a powerful tool for Canadians looking to enter the housing market. Contact us to set up a plan to maximize your contributions.