What is a First Home Savings Account (FHSA)?
Introduced by the Government of Canada and coming soon to Coast Capital, the FHSA is a new registered account you can use to save tax-free towards the purchase of your first home. Here’s how it works:
- Lower your taxable income while you save for your first home: With FHSA, you can make tax deductible contributions up to $8,000 annually, to a lifetime maximum of $40,000. If you don’t contribute the full $8,000 in a single year, the balance can be carried forward and added to a future year’s contribution limit.
- Build on your contributions with tax-free growth: Your funds, interest and any investment earnings can stay in the FHSA and grow tax-free with every contribution you make until you’re ready to buy your first home.
- Carry forward contribution room: Breathe easier knowing you don’t have to invest the same amount every year. Unused contribution room can be carried forward as long as you have the account.
COMING SOON. This new account is expected to be available in 2023.
What is a First Home Savings Account (FHSA)?
Introduced by the Government of Canada and coming soon to Coast Capital, the FHSA is a new registered account you can use to save tax-free towards the purchase of your first home. Here’s how it works:
- Lower your taxable income while you save for your first home: With FHSA, you can make tax deductible contributions up to $8,000 annually, to a lifetime maximum of $40,000. If you don’t contribute the full $8,000 in a single year, the balance can be carried forward and added to a future year’s contribution limit.
- Build on your contributions with tax-free growth: Your funds, interest and any investment earnings can stay in the FHSA and grow tax-free with every contribution you make until you’re ready to buy your first home.
- Carry forward contribution room: Breathe easier knowing you don’t have to invest the same amount every year. Unused contribution room can be carried forward as long as you have the account.
COMING SOON. This new account is expected to be available in 2023.