First Home Savings Account (FHSA)
Author: Leann Scarlett | | Categories: #First Time Home Buyers Savings Plan , Alberta Prosperity , Alberta Proud , Alternative Mortgages , Broker Red Deer , Consolidation , Down Payment , First Time Home Buyer , First Time Home Buyers , FTHB , HOME BUYING , Home Buying 101 , Home Equity Line of credit , Investment Mortgages , Metis Down Payment Assistance Program , Mortgage , Mortgage boker , Mortgage broker , Mortgage Broker Alberta , Mortgage Broker Red Deer , Mortgage Renewal , Ponoka Mortgage Broker , RE-FINANCING , Red Deer Mortgage Broker , Refinance , RENEWING , REVERSE MORTGAGES , Rocky Mountain House Mortgage Broker , Universal Mortgage Solutions , Working with Realtors
Here is a fantastic savings plan that the government has created. It's a hybrid of an RRSP and a TFSA, for the purpose of home ownership.
What is it... here are the details...
-As of April 1, 2023, financial institutions have the ability to offer the new First Time Home Buyers Tax Free Savings Account
-Under the new plan, prospective first-time home buyers have the ability to save $40,000.00 on a tax-free basis
-Similar to a Registered Retirement Savings Plan (RRSP), any contributions will be tax deductible
-Withdrawals' from the FHSA to purchase a home are non-taxable, similar to a TFSA
-The Plan includes an $8,000.00 annual contribution limit, up to a lifetime maximum of $40,000.00
Sounds pretty awesome doesn't it! :)
If you have the funds, and you have not bought your first home, this is a great place to start planning for your down payment. Please give me a call at
403-358-4855 to find out all the details.