FHSA is a tax-advantaged registered savings account designed to help Canadian residents save for their first home. Save for your first home tax-free with an FHSA, which combines features from both an RRSP and a TFSA. Contributions to an FHSA are tax-deductible, and when used to buy a qua...
The First Home Savings Account (FHSA) is a new type of registered plan that’s designed to help you save for your first home, tax-free. Your contributions will be tax-deductible, like a registered retirement savings plan (RRSP). Your qualifying withdrawals will be non-taxable, like a tax...
Is an FHSA right for me? How an FHSA Works Here’s how an FHSA can help you save for your first home: Make a tax-free withdrawal at any time to purchase a qualifying home. Numbers to Know $8,000 Annual tax-deductible FHSA
As was mentioned earlier, with the FHSA, your contributions are tax-deductible, and withdrawals are tax-free if used to purchase a qualifying first home. The RRSP HBP allows you to withdraw up to $60,000 tax-free from your RRSP to help buy your first home. However, the amount you withd...
Are contributions tax-deductible?NoYes (up to your personal deduction limit)Yes (up to the annual and lifetime limits) Do my savings grow tax-free or tax-deferred?Tax-freeTax-deferred (added to taxable income the year you take out the money; a withholding tax ...
What is a First Home Savings Account (FHSA)? An FHSA combines some of the features of an RRSP and TFSA. Contributions will generally be tax-deductible, and when a qualifying withdrawal is made, the amount withdrawn is not-taxable1.
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.
Are contributions tax-deductible? No Yes (up to your personal deduction limit) Yes (up to the annual and lifetime limits) Do my savings grow tax-free or tax-deferred? Tax-free Tax-deferred (added to taxable income the year you take out the money; a withholding tax will also apply to ...