First Home Savings Account

Made available by the Federal Government in 2023. A Tax-Free First Home Savings Account (FHSA) is a registered plan product meant to help first-time home buyers save for a home (up to certain limits). This product is now available as of April 1, 2023.
The FHSA is not meant to replace an RRSP or a TSFA. This should be seen as a complimentary product to help you save for your first home.

Who qualifies?
•    You must be at least 18 years old (or age of majority).
•    You must be a resident of Canada.
•    Must not have lived in a home they owned you have owned at any time during the year the FHSA is opened or during the four preceding calendar years.

Key Features:
•    Individuals can contribute to a maximum of $8,000 per year.
•    FHSA Contributions are tax-free up to $40,000.
•    Income earned is also tax-free.
•    Contributions to a FHSA reduce taxable income.
•    Possibility to participate in the HPB and FHSA to purchase a qualifying home.
•    A tax-free transfer of funds from RRSP to a FHSA is permitted, subject to limits.

*More details can be found ont he Govenrment of Canada website here