Path to Homeownership: Saving for Your First Home

What is FHSA

First Home Savings Account (FHSA), a registered savings plan meticulously crafted to accelerate your journey toward homeownership by enabling tax-free savings for your first home, bringing your dream of owning a home closer to reality!

Eligibility

• Resident of Canda
• Between the ages of 18 - 71
• Has a valid Social Insurance Number
• Is a first-time home buyer

How it works

1. Make yearly contributions with a maximum amount of $8,000, with a total lifetime contribution limit of $40,000.
2. Any unused contribution room of up to $8,000 in a given year can be carried forward to the following year.
3. The account can remain open for a maximum of 15 years or until the end of the year in which you reach the age of 71.

Benefits

• Tax deductible contribution
• Tax-free compounding growth
• Used to save towards a down payment on your first home
• When you make a qualifying withdrawal, it’s not included in your income

If you have any questions, please contact us.