Gerri Vaughan Mortgage Associate - Invis

First Home Savings Account (FHSA)
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!

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 Contributions will generally be tax-deductible, and when a qualifying withdrawal is made, the amount withdrawn is not-taxable1.
Am I eligible for an FHSA?
To open a First Home Savings Account, you must be:
• A Canadian resident
• 18 years or older2
• A first-time home buyer3
How does an FHSA work?
• Annual contributions are capped at $8,000 up to a $40,000 lifetime contribution limit.
• A maximum of $8,000 unused contribution room can carry forward to the following year.
• The account can stay open for a maximum 15 years4 or until the end of the year you turn 71

Check with your banking institution to open your FHSA account today and begin saving for your first home.
I will be here to help with the pre-approval when you are ready to proceed!

Thankful for this family of mine … I feel very blessed ❤️