What is an FHSA
Getting you the mortgage you deserve
What is a First Home Savings Account?
an FHSA is a registered plan allowing first time home buyers to save for your first home TAX-FREE! It is essentially the benefit of an RRSP & TFSA combined to help save for your down payment. AND you receive a tax refund for the amount you contribute to your FHSA.
Who is Elgible for the FHSA?
You are eligible to open this account if you have not owned a home in which you have lived in during any part of the calendar year, or any time in the previous 4 years.
You must be minimum of 18 years old, maximum of 71 years old and a Canadian resident.
You have 15 years to grow and use the funds for buying a first home with a maximum $40,000 contribution room.