What is an FHSA?
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by Miller Real Estate
- November 29, 2022
- Buying a New Home, Buying Real Estate, Canada, Mortgage
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The Tax-Free First Home Savings Account
The Federal Government is introducing a Tax-Free First Home Savings Account (FHSA), combining the idea of an RRSP and TFSA. You will be able to contribute up to $8,000 per year, to a total of $40,000. You will get a tax deduction benefit when you invest the money and won’t pay tax when you pull the money out for a down payment on a home. This is a great way for first time home buyers to save for their purchase!
Design of the Tax-Free First Home Savings Account
Contact your financial advisor for further details.
