FHSA Explained - Everything You Need To Know

New year, new investment account.

Housing affordability has been a big concern in Canada for some time now.

So, the government decided to introduce the First-Home Savings Account (FHSA) to help Canadians save up towards their first home purchase.

Here are the details:

- Contributions are tax-deductible
- Contributions are tax-free
- You can contribute up to $8,000 per year with a $40,000 lifetime limit.
- Your contribution room carries forward to the next year if it hasn’t all been used.
- Once you open the FHSA, you can use it for up to 15 years.
- If you don’t buy a home, any unused savings in your FHSA can be transferred to an RRSP/RRIF. It can also be withdrawn as taxable income.

In my opinion, I think it’s an amazing account to open if you’re looking to buy your first home in Canada.

If you want to start accumulating contribution room, open that account ASAP. If you want to supercharge your home buying savings, you combine the power of the FHSA + HBP in the RRSP!

DM me “WEALTH” if you have big financial goals that you’re trying to hit and I can help you achieve them 10x faster!

#financialcoach #moneycoach #wealthcoach #homebuyer #personalfinance #financialliteracy #financialeducation #personalfinancetips #moneytips #moneycoachforcanadians