What is a First Home Savings Account - FHSA ?
A First Home Savings Account FHSA is a specialized savings account designed to help individuals save money specifically for the purpose of purchasing their first home.
First Home Savings Account is a government-backed initiative that aims to make homeownership more attainable and affordable for first-time buyers. Call our advisor for a free personalized financial audit.
Benefit Of FHSA :
- Save up to $40,000 for your first home
- $8,000 Yearly contribution limit
- Contribute tax-free for up to 15 years
- Unused contribution room is automatically carried over to the next year
- Potentially reduce your tax bill
- Tax Free investment earnings
- Complements the Home Buyersâ Plan (HBP)
| Year | Annual Limit | Total Limit |
|---|---|---|
| 2023 | $8,000 | $8,000 |
| 2024 | $8,000 | $16,000 |
| 2025 | $8,000 | $24,000 |
| 2026 | $8,000 | $32,000 |
| 2027 | $8,000 | $40,000 |
| Total | $40,000 | $40,000 |
We proudly work with Canadaâs largest financial institutions for your personalized investment needs
1.Who is a first-time home buyer in Canada?
A first-time home buyer in Canada is a person who has not owned a home in the past four years. This includes people who have never owned a home, as well as those who have owned a home but have not lived in one for at least four years.
2.How much first-time home buyer's down payment?
The normal down payment for first-time homebuyers runs from 5% to 20% of the home's purchase price. However, many lenders require at least 5% down
3.How first-time home buyer loans work?
First-time homebuyer loans are specially made to help people buy their first home. These loans often offer lower down payment requirements, cheap interest rates, and flexible repayment choices.
4.Are first-time homebuyer programs still available?
The First-Time House Buyer Incentive Program ended on March 31, 2024, there are still programs for people who are buying their first home. The FHSA and Home Buyer's Plan
5.What first-time home buyer programs do I qualify for?
The Government of Canada has three programs to help first-time home buyers: First-Time Home Buyers' Tax Credit (HBTC) Home Buyers' Plan (HBP) Tax-Free First Home Savings Account (FHSA)
6.When does a first-time home buyer reset?
Did you know your homebuying status changes after three years? If you have not bought a home in the last three years, you are considered a first-time home buyer again
3 Steps for Successful Financial Planning
1.
Our financial planner will work with you to create an overview of your present financial situation. These include short term debt, income protection, children education, and estate planning. We present the information we gathered from you in an understandable illustrated format.
2.
Develop Success Blueprint
We would identify ways to reduce the amount you pay in taxes. We would recommend the best savings plan and tax-advantage account based on current financial need.
3.
Implement Your Plan
After completing your need analyses we will present you with your personalized wealth-building strategies that meet both your short, and long-term financial goals. Once you review and approve the recommended plan, it will be implemented.
Financial Institutions we work with
