First Home Savings Account

Michael Brewitt |
Categories
First Time Home Buyers

Own Your First Home Sooner with Ontario’s New First Home Savings Account (FHSA)!

 

What is the FHSA? A simple, tax-smart savings account designed just for first-time home buyers in Ontario. Save up to $40,000 tax-free to buy your first home!

 

Why the FHSA?

  • Tax-free growth: Contributions grow tax-free, and withdrawals for your home are also tax-free.
  • Save more, pay less tax: Contributions are tax-deductible, lowering your taxable income.
  • Keep your dream home in reach: Combine FHSA with other programs like the Home Buyers’ Plan for more buying power.

 

How it works:

  • Contribute up to $8,000 a year, max $40,000 lifetime limit.
  • Use your savings for your first home purchase within 15 years.
  • If unused, funds can transfer to your RRSP without tax penalty.

 

Who qualifies?

  • First-time home buyers (no home ownership in past 4 years).
  • Residents of Ontario, aged 18-71.

 

Ready to start? Call us today to see if the FHSA strategy fits your path to homeownership. Let’s get you one step closer to your new front door!