First Home Savings Account (FHSA)

A first home savings account (FHSA) is a registered plan allowing you, as a prospective first-time home buyer, to save for your first home tax-free (up to certain limits). You are able to open an FHSA as of April 1, 2023, however, financial institutions are slowly rolling it out so most institutions are still building the infrastructure at this time.

To qualify to open a FHSA you must be at least 18 years old, be a resident of Canada and be a first-time home buyer.

Your FHSA participation room in the year that you open your first FHSA =$8,000

The lifetime FHSA limit =$40,000

For more details, please contact me at 604 783 9097 or email me at mylene.mortgage@gmail.com.