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.
Hopes for a quick rebound from the worst bout of market volatility in years were dashed as the specter of a spiraling global trade war pummeled equities while Canada’s dollar was hammered.
Protecting Yourself from Financial Scams in Canada: Tips for 2025
For decades, retirement planning followed a model designed for a different time.
Stock Market Update – 2025: A Steady Start but uncertainty Looms
Retirement: Relaxation! Travel! or Not...
Smart Tax Strategies for Women Nearing Retirement in Canada
As we step into 2025, it’s a great time to take charge of your finances and plan for a secure future.
A Guide to Understanding and Managing Your Sugar Intake
As we look back at 2024 and ahead to 2025, the economic forecasts suggest a landscape of moderate growth with regional variations.
Death and Taxes: Navigating Life's Certainties in Canada
