First Home Savings Account
A savings account that is a registered plan that allows first-time homebuyers to contribute up to $8,00 per year, with a total limit of $40,000. When money is deposited in a FHSA you get the benefit of tax deductibility like an RRSP and amounts withdrawn for a house purchase are tax-free, like with a TFSA.
About The Author
Don Scott
Don Scott is the founder of a challenger mortgage brokerage that is focused on improving access to mortgages. We can eliminate traditional biases and market restrictions through the use of technology to deliver a mortgage experience focused on the customer. Frankly, getting a mortgage doesn't have to be stressful.
Related Posts
Here's What You Can Do
Updated Strategies for 2025
Growing Market Share in Canada
