A First Home Savings Account (FHSA) is a powerful tool to help you save for your first home while enjoying tax benefits. Here’s what you need to know about contributing, tracking, and maximizing your FHSA participation.
Contribution Basics
- Year One Contribution Room: When you open your first FHSA, you can contribute up to $8,000 in that year.
- Annual Participation Room: Each year after, you’ll gain another $8,000 of contribution room, plus any unused room from the previous year, capped at $8,000.
- Lifetime Contribution Limit: The total you can contribute over your lifetime is $40,000.
Example: If you only contribute $5,000 in the first year, the remaining $3,000 carries forward, giving you up to $11,000 of contribution room the next year.
Read the full details HERE
Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
Click here to view the latest news on our blog.
