The First Home Savings Account is a new registered account, introduced by the Government of Canada, to help you save, tax-free, for a down payment toward home ownership.
Contact your rep to set up your FHSA now and start taking advantage as soon as possible!
FHSAs allow you to save money toward your down payment
Contribute up to $8,000 per year, to a maximum of $40,000.
Similar to a RRSP, contributions are tax deductible.
Similar to a TFSA, you will not be taxed when you withdraw the money for your first home down payment.
Any unused savings can be transferred to another registered account without a tax penalty.
