What is a FHSA
This new account is a great savings vehicle for your homebuying goals because you never pay a tax bill on these savings.
It’s the best part of both a Registered Retirement Savings Plan (RRSP), which gives you tax-deduction perks, and a Tax-Free Savings Account (TFSA), which lets your investments grow without a tax bill. This means that the money you put in and earn in this account goes towards the down payment of your first home.
Right for you if you:
- Are a Canadian Resident
- Have reached the age of majority in the province where the account is set-up
- Are a First Time Home Buyer
- Want your savings to grow over time with the ability to withdraw all of the funds tax-free to buy your first home