First Home Savings Account (FHSA): Your path to homeownership is finally here!
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The Government of Canada recently introduced the First Home Savings Account (FHSA) programme, which aims to make owning a home more attainable for Canadians. This initiative, which started on April 1st, is designed to help you save for your first home in a tax-advantaged way. It's designed to tackle some of the biggest roadblocks to homeownership, such as generating funds for your down payment.
This program gives you a chance to put up to $40,000 towards a new home purchase on top of the HBP (Home Buyers' Plan), which is $35,000 per individual.COMBINED, you can now save up to $75,000 for purchasing your first home.
Our team has created this comprehensive Guide to help you better understand the various aspects of the First Home Savings Account (FHSA) programme. It contains all the information you need about the FHSA programme in one place.
Here's what it covers:
- opening and closing an FHSA,
- rules of contributing to your FHSA,
- transferring funds from other plans to your FHSA,
- conditions for withdrawing money from your FHSA,
- explaining tax deductions you'll be eligible for.
Fill out the form below to see if you qualify for this program.
