First Home Savings Account
FHSA
The First Home Savings Account (FHSA) is a dedicated savings initiative designed to assist individuals in saving for their first home. With attractive tax incentives and favourable investment opportunies, a FHSA offers a structured way to accumulate funds specifically earmarked for purchasing a home, providing a valuable pathway towards homeownership for eligible Canadians.
What is the FHSA?
A recently established registered savings plan tailored to help you effortlessly save for your first home, all while enjoying tax-free benefits.
Who’s eligible?
If you’re 18 years or older (and have reached the age of majority in your province), possess a Social Insurance Number (SIN), and haven’t owned a residence in the current year or the past four calendar years, you could be eligible to initiate an FHSA.
The Benefits of a FHSA
Whether you are new to investing or a seasoned veteran, a FHSA allows you to invest $8000 per year up to $40,000. Watch your investments grow tax-free!
See how a FHSA can benefit you.
- Save up to $40,000 for your first home.
- Contribute tax-free for up to 15 years.
- Carry over unused contribution room to the next year, with a maximum of $8,000.
- Enjoy tax-free status on all investment earnings.
- Complements the Home Buyers’ Plan (HBP).
Numbers to Remember:
Annual tax-deductible contribtution limit
$
0
Lifetime contribution limit
$
0
Taxes paid on FHSA earnings
$
0
Get Started Today
Opening an account has never been easier! Please fill out the form here and an advisor will be in touch to walk you through the process!
Still have some further questions?
The information provided herein is not tax advise. Readers should consult with their tax advisor on its application to their personal circumstance. The information is accurate as at the date of publication and may be subject to change. ShariaPortfolio Canada Inc. does not undertake to advise the reader of any such changes.
