As announced in the 2022 Federal Budget, the First Home Savings Account is now available for Canadians looking to save for a downpayment for their first home.
We're currently working on updating our platform to better serve you by including the FHSA as an available account type, with a planned launch in 2024.
Here's a first look into what we know about the new FHSA (subject to change):
- New registered account type for prospective first-time home buyers to save for a down payment on a tax-free basis
- Contributions would be tax-deductible (like an RRSP)
- Withdrawals to purchase a first home would be non-taxable (like a TFSA)
- Account holders are able to contribute up to $8,000 annually to a lifetime maximum of $40,000.
For more information, please visit the Government of Canada website. Should you have any questions or concerns, please fee free to contact us Monday to Friday 5:30am-5:00pm PT (8:30am - 8:00pm ET).