First Home Savings Account
The deadline is approaching to contribute to the First Home Savings Account for 2023 tax year. If you are considering buying a home in 2024 or beyond this may be a great way to start saving for that home. I will refer to this progarm as "FHSA" as we go forward. The FHSA is a combination between an RRSP and a TFSA account (I wrote a blog in September bout this that can be found under blogs on my website) This post is just a quick "Hey, Don't miss the window to contribute for 2023" (it's December 31, 2023) Call me if you have……
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What A Ride 2023
Wow the 12th Month of the Year… (how did that happen) 😊 2023 had some ups and downs. Higher interest rates, lack of inventory in the real estate market, uncertainty of where interest rates may go, the scare of a housing shortage, on and on. Interest rates have spooked some buyers, and honestly the interest rate really isn’t that high. Did you know that the average 5 year fixed rate over the past 10 years is 4.17% (twenty five year average 5.26%). We aren’t to far off that right now. At this writing, we are currently in the mid 5’s (this……
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First Home Savings Account (FHSA)
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……
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