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Fri, February 7, 2025
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How to save for a home: the First Home Savings Account explained
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Short squeeze is starting in shares of BABAF at $ .. 2, after crossing above the $13.487 Trigger Price
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How to Invest in Stocks: The Ultimate Guide for Beginners

How to save for a home: the First Home Savings Account explained


Published on 2025-02-07 17:01:10 - bnnbloomberg
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  • The First Home Savings Account (FHSA) is a new tool to help first-time prospective home buyers save for a down payment on their first home. Personal finance contributor Christopher Liew explains how the FHSA works,

The article from BNN Bloomberg discusses the First Home Savings Account (FHSA), a new tax-advantaged savings plan introduced in Canada to help individuals save for their first home. The FHSA allows first-time home buyers to contribute up to $8,000 annually, with a lifetime contribution limit of $40,000. Contributions to the FHSA are tax-deductible, similar to an RRSP, and the investment growth within the account is tax-free, akin to a TFSA. Withdrawals for the purpose of buying a first home are also tax-free. The account can be opened by individuals aged 18 to 71 who have not owned a home in the year the account is opened or the preceding four years. The FHSA combines features of both RRSPs and TFSAs, aiming to make homeownership more accessible by providing a dedicated savings vehicle with significant tax benefits. However, if the funds are not used to purchase a home within 15 years from the account's opening, they must be transferred to an RRSP or withdrawn with applicable taxes.

Read the Full bnnbloomberg Article at:
[ https://www.bnnbloomberg.ca/investing/personal-finance/2025/02/07/how-to-save-for-a-home-the-first-home-savings-account-explained/ ]
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