Mortgages

First Home Savings Account (FHSA)

February 23, 2023

As soon as April 1 st 2023 the First Home Savings Account (FHSA) will be available in Canada. It combines the benefit of an RRSP and a TFSA to help first time buyers save for their first home. Here are some of the details:

Contributions are tax deductible
Withdrawal to purchase a home is non-taxable
Growth is tax free
Max. $40,000 contribution room
Must be a Canadian resident, minimum of 18 years old and a maximum of 71 years old
Must not have owned a home in which they lived at during any part of the calendar year or any time in the previous 4 years.
Cannot use funds with a partner that is not a first time home buyer
15 years to grow and use funds for buying a first home
Can hold multiple FHSA, total cannot exceed $40,000

Contact Me for Expert Advice!

If you are a first-time home buyer, the First Home Savings Account (FHSA) is a great savings plan for you. I would be happy to walk you through the process, secure your pre-approval, and answer any questions you might have.

Tim Ward, Collingwood Mortgage Broker.