What is a Tax-Free First Home Savings Account (FHSA)?
- A new tax-advantaged account designed to help Canadians save for their first down payment.
- Combines the power of the TFSA and RRSP to help first time home buyers. Think of it as a hybrid!
- Contributions to the FHSA are tax deductible, while withdrawals are tax-free, giving you the best of both worlds while investing for your home purchase.
- Contribute up to $8,000 per year once opened, up to a lifetime maximum of $40,000
Who is eligible to to open a FHSA?
- Canadians between the ages of 18 and 71.
- Those who have not lived in a home that they or their partner have owned in the current calendar year or any of the previous 4 calendar years.
- Those saving for their first purchase of a qualifying home in Canada.
For more information about the new FHSA, reach out to us at your convenience.
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