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BENEFITS OF FIRST HOME SAVINGS ACCOUNT (FHSA)
The FHSA helps first-time buyers save up to $40,000 for a home. Contributions are tax-deductible, growth is tax-free, and withdrawals for a qualifying home purchase are also tax-free, combining the best features of RRSP and TFSA to make homeownership easier.
First Home Savings Account (FHSA)
🔹 What is FHSA?
The First Home Savings Account (FHSA) is a Canadian registered account that helps first-time homebuyers save for a down payment. It combines the benefits of an RRSP and a TFSA.
- Tax-Deductible Contributions: Like an RRSP, contributions reduce your taxable income.
- Tax-Free Growth & Withdrawals: Like a TFSA, investment income and qualifying withdrawals for your first home are tax-free.
- Limits: $8,000 annual contribution limit, up to $40,000 lifetime.
- Eligibility: Canadian residents 18–71, who are first-time homebuyers.