What is the First Tax-Free First Home Savings Account (FHSA)?
This new registered plan would give prospective first-time home buyers the ability to invest $40,000 on a tax-free basis. Contributions will be tax-deductible, and withdrawals to purchase a first home — including from investment income — would be non-taxable, like a Tax-Free Savings Account (TFSA). Canadian residents age of majority and older will be able to open the FHSA starting in 2023 with an annual contribution limit of $8,000. The account must be closed 15 years after opening or age 71 latest, if funds are not used to buy a home.
If you have any further questions about this video or any financial planning questions, I recommend finding a certified financial planner in your area or booking a discovery call with us to get your plan on track. You can email firstname.lastname@example.org or call (236) 521-5708 (Vancouver, BC) and we will schedule a discovery call or meeting with you.