What's a First Home Savings Account (FHSA)?Launching in Spring 2023, a First Home Savings Account is a new government registered plan and tax-free way to help you save for your first home. When you contribute up to $8,000 per year, the amount invested is tax-deductible, like an RRSP. This means you can reduce your yearly taxable income by the amount you contribute. Any money you earn on top of your investments will also be tax-free if you withdraw it to purchase a new home, like an TFSA.
Get notified when the FHSA is available at Gulf & Fraser.