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Why is the FHSA so beneficial?
Here’s an example to help demonstrate why the FHSA is an advantageous savings plan for homebuyers looking to purchase their first property.
Fictional example
Dwight is a single Quebec resident with no children earning a $50,000 annual salary. By contributing $8,000 annually to his FHSA starting in 2023, he’ll save a total of $2,122 in taxes for that same year.
In addition to allowing you to save up for a down payment while growing your funds by accumulating interest, the FHSA allows you to save on taxes every year you contribute.
Related questions
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Can I use multiple savings plans for my down payment? You can combine your RRSP (HBP), TFSA and FHSA when purchasing a property. -
I just immigrated to Canada. Can I open an FHSA? If you’ve just immigrated to Canada, you can open an FHSA if you meet the eligibility criteria. Discover them in detail. -
Can I contribute to my spouse's TFSA? Learn if you can contribute to your spouse’s TFSA. -
How can an RRSP help me maximize my income tax refund? Find out how to pay less taxes with an RRSP. -
By what age must a child withdraw funds from an RESP? Learn the maximum age to withdraw funds from an RESP.
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