You must use your FHSA contributions within 15 years of opening the account, or by the time you turn 71 years old, whichever is sooner. After that time, you can transfer savings into an RRSP or RRIF or make a taxable withdrawal.5 No limit for qualifying withdrawals If you qualify to ...
FHSA is a first-time home buyer's tax-free savings account designed to help Canadians save for a down payment and help reach the goal of home ownership.
The First Home Savings Account (FHSA) is a type of registered savings plan introduced by the federal government in 2022. An FHSA is designed to help you save for your first home, tax-free and help you reach your vision of owning a home faster!
Opening an FHSA (First Home Savings Account) offers several benefits. Firstly, contributions to an FHSA are typically tax-deductible, thereby reducing your taxable income and potentially lowering your tax bill.1 Additionally, withdrawals for eligible home-related expenses are often tax-free.1 Secondly...