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"Finally, information that is useful and relatable. The articles actually impact my life and business positively. Thanks!"
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When the Tax-Free First Home Savings Account (FHSA) was first announced in the 2022 budget, it received a lot of hype. The idea was that Canadian residents could contribute up to $40,000 to their FHSA, which could be used later to help purchase their first home. Not only would contributions be tax deductible, but any capital gains would be tax free.
Essentially, this account would combine the benefits of a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA). It was a win-win for those looking to buy their first home, and the idea was that the FHSA would make housing more affordable for first-time buyers.
But a lot has changed since the FHSA was first announced. Interest rates have risen, and the housing market has cooled. We’re not sure if the account will make entering the housing market easier, but with the FHSA expected to arrive in April, it’s time to see how you can use it.
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