I hope you’re talking about the First Home Savings Account (FHSA)!
If you and your partner each open a First Home Savings Account (FHSA) and contribute the maximum contribution amount for 2023 of $8,000, you’ll receive a $16,000 tax deduction that you can use to reduce your taxable income. Don’t delay! Not opening one this year will loose the contribution room.
When you buy your first home, you’ll be able to withdrawal your entire FHSA balance tax-free and not be required to repay any withdrawals like you would when using a Home Buyers Plan (HBP) through a Registered Retirement Savings Plan (RRSP).
If you don’t end up buying a house? No problem, you can roll your FHSA balance into your RRSP and not pay any taxes or fees.
Regardless if you’re buying your first home next week, next month or next year, our office would love to share more information on how a FHSA can help you accomplish your goal of buying your first home. 🙋🏼♂️🏡
Let’s make sure we elevate financial literacy for our fellow Canadians
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 firstname.lastname@example.org or at 604-802-3983.
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