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The New (and Updated) Tax-Free First Home Savings Account

With rising housing prices often outstripping wage increases, it is more challenging than ever for Canadians to enter the housing market. The First Home Savings Account (FHSA) is a tax-efficient new tool to help first-time buyers save up to $40,000 for the purchase of a new home. The FHSA combines tax-deductible contributions (like an RRSP), tax-free growth on amounts in the FHSA, and tax-free withdrawals (like a TFSA) for the purchase of a first home.

The attached article provides additional details and covers the following based on the current draft legislation:

  • What is an FHSA?
  • Who can open an FHSA?
  • Rules for making contributions to and withdrawals from an FHSA
  • Closing or winding-up an FHSA

FHSA contribution room ($8,000/year) only starts accruing once the account is opened, so even if a home purchase is not in your or a family member’s immediate plans, it is a good idea to start thinking about opening an FHSA. You can open an FHSA with us starting this fall.



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