FHSA or First Home Savings Account
It’s coming this year, 2023, hopefully by April.
You need to be 18 years of age and a resident of Canada to start one of these.
It’s a tax-free savings account for first-home buyers.
Your contributions are tax-deductible, with a limit of $8,000 per year and $40,000 total contributions.
But you can carry over unused contribution room to the next year up to $8,000, and you don’t have to use the tax deductions in the year you contributed.
You got a 15-year limit on this or up until the age of 71, and you can find out more if you search for FHSA. The best place to go is the Government of Canada website.
For more information, check out all of the details on canada.ca
Hope it helps.
Watch the video below
