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🚨ATTENTION FIRST TIME HOME BUYERS! 🚨

This is important information to get you started and take advantage of the new Tax-Free First Home Savings Account is anticipated to come into effect in Canada April 1st, 2023! 💰

This was designed to help Canadian First Home Home Buyers save for a downpayment which it’s for a purchase now or 10 years from now !

It is the perfect marriage between a TFSA and RRSP. Contributions made to the FSHA are TAX DEDUCTIBLE, while withdrawals are TAX-FREE giving you the best of both worlds while investing for your home.

First Time Home Buyers can contribute up to $8,000 per year once opened, up to a lifetime maximum of $40,000. The benefit of having a FHSA is that it is non repayable, where as an RRSP is.

Buyers can have both a FHSA ($40,000 max contribution) AND RRSP ($35,000 max contribution), so ultimately up to $75,000 towards a purchase.

Let me know if you or anyone you know has any questions about this new Tax-Free First Home Savings Account! Let’s Chat About it 💬

Shane Singh
📲 289-682-4940
📧 [email protected]

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