Real Estate Consultant, CIPS®, SRES®, MCNE®

Personal Real Estate Corporation

KELLER WILLIAMS Realty VanCentral 英語,普通話,粵語


Tax-Free First Home Savings Account (FHSA)

Canada Tax-Free First Home Savings Account:

  • The account will be available starting April 1, 2023
  • This is a registered plan that allows prospective first-time home buyers to save up to $40,000 tax-free for a downpayment on a home.
  • Contributions are tax-deductible like an RRSP
  • Money withdrawn from the account will be non-taxable like a TFSA
  • The annual contribution limit is $8,000 and the lifetime contribution limit is $40,000 as of April 1, 2023.
  • Canadian residents who are 18+ and who have not owned a home in the past 5 years are eligible to open the account.
  • The Account must be closed after 15 years of opening or when the account holder turns 71 years old. 
  • Savings can be used to buy a qualifying home or transferred to an RRSP, RRIF, or withdrawn on a taxable basis.
  • The account can hold the same qualified investments as a TFSA. Common investment methods are listed below:
    • Cash
    • Mutual Funds
    • Securities listed on a designated stock exchange
    • Guaranteed investment certificates (GICs)
    • Bonds...