Becoming a first-home buyer
First Home Savings Account or FHSA is a tax-free savings account which only goal is to save money so you can build or buy your first home in Canada.
- Just like a TFSA, the contributions you make into your FHSA grow tax-free.
- You can contribute up to $8,000 CAD per year and if you cannot save that much one year, you can carry forward the unused contribute room to the following year .
- By the end of the FHSA life-time you are allowed a total maximum contribution of $40,000 CAD.
- Whatever interests your savings earn inside your FHSA account are tax-free.
Your dream home can become your real home if you start saving now!
If you want to learn more about the FHSA or open an account, email me or book a 10-minute call.