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    Get closer to home ownership with tax-free savings

    The First Home Savings Account (FHSA) is a new type of registered plan that’s designed to help you save for your first home, tax-free.

    Key benefits:

    • Contributions to a FHSA reduce taxable income
    • Possibility to participate in the HBP and FHSA to purchase a qualifying home
    • No limit for qualifying withdrawals

    Key features:

    • Annual Contribution limit of $8,000
    • Lifetime contribution limit of $40,000
    • Income earned is also tax-free
    • A tax-free transfer of funds from RRSP to a FHSA is permitted, subject to limits
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    Get the lowdown on FHSAs

    The key to realizing your dream

    Owning your dream home is just around the corner.

    • Contribute up to $8,000 annually
    • Lifetime contribution limit of $40,000
    • Qualified tax-free withdrawals

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    Who Qualifies for FHSA?

    The key to realizing your dream

    To open a FHSA, you must be:

    • At least 18 years of age and no less than the age of majority in the province where you live
    • A Canadian resident
    • A first-time homebuyer

    FHSA vs RRSP

    First Home Savings Account vs Retirement Savings Plan

    A TFSA is a savings option that allows you to access funds, without penalty, when you need them. While an RRSP is more of a long-term savings option for retirement, where early withdrawals are taxed.

    First Home Savings Account:

    • Savings grow tax-free
    • Tax-free investment earnings and withdrawals when used to buy your first home
    • Contributions reduce taxable income.

    Retirement Savings Plan:

    • Investment income earned can grow tax-deferred
    • Tax breaks for annual contributions
    • No tax on earnings
    • Contribute to a spousal RRSP

    Smart investing

    Pay less income tax and more

    Invest your hard-earned money, grow it tax-free, and withdraw it when you find your first home. Enjoy tax-free qualified withdrawals. Unlike an RRSP, qualified withdrawals from your FHSA to buy a home won’t be taxable.

    Contributions can be used as deductions against your earned income, lowering the tax you pay when you file your return. And like a TFSA, your investment earnings won’t be taxed either.

    You can keep your FHSA open for 15 years, but if you don’t end up buying a home, you can transfer your FHSA savings to an RRSP or RRIF without paying taxes on the transfer.

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