Tax-Free First Home Savings Accounts Now Available!
December 13, 2023
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.
Market Recap: earnings, earnings, earnings
When people think about retirement, they often focus on a number. "How much do I need to retire ? "
The estate planning tool your family will thank you for
Estate Planning Lessons from Pecore v. Pecore
The Retirement Red Zone. Why the 5 Years Before and After Retirement Matter Most
When the Markets Feel Uncertain, Your Plan Matters Even More
Life Transitions
Riding the Swings: Staying on Track
Making Money Work With an ADHD Brain
Question: If you give you adult child a gift of money how can it be protected in the event of her marriage breakdown?
