It’s now a little easier to buy your first home in Canada and this is how.
Starting April 1st 2023 eligible homebuyers can open a first home savings account make sure you read to the end because there is a super important planning strategy that most don’t know about.
- You can save up to $8000 per year.
- Then you take that $8000 and put it into the first home savings account that will actually get you an $8000 deduction against your income.
- Once the money is in the first home savings account, you can choose to invest in mutual funds, GICs, higher savings accounts, etc.
- You can also combine this plan with the RRSP home buyers’ plan.
- Now, this is the crucial part most haven’t considered you need to know if you are planning on buying a home in the next five years.
You need to open a first home savings account in April of 2023 and this is why “you only start accumulating new contribution room the year you open the plan” not the year you’re eligible for the plan. If you would like to read more on the subject, here is the link to the Government of Canada website explained in more detail.
If you or a loved one would like one of our associates to open a free account, please email us at angela@countoncalla.ca for a proper introduction.
We are always here to help you and your family plan the best strategies for home ownership, refinancing and mortgage renewals.
Many thanks and have a great day!
Angela Calla is an 18-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.
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