Ready to start saving for your first home? The First Home Savings Account (FHSA) is helping Canadians save for a down payment.
Available as of April 1, 2023, this is a great opportunity for current renters and young adults that have never owned a home to start contributing and saving tax free for their down payment.
Some benefits of an FHSA:
- Contributions are tax deductible
- Withdrawal to purchase a home is non-taxable
- Growth is tax free
- Maximum $40,000 contribution room
- Maximum $8,000 contribution per year
- 15 years to grow and use funds for buying a first home
Who can open a First Home Savings Account? To open an FHSA, you must be:
✓ 18 years of age or older
✓ A current tax resident of Canada
✓ A first time home buyer
See the Government of Canada site for more details.
So how much down payment do you need to save? Contact me for a free mortgage consultation!
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📧 mortgagesbyamytatla@gmail.com
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