First Home Savings Account
Introducing First Home Savings Account!
Starting April 1, 2023 if you are over 18 years old you can open a First Home Savings Account (FHSA).
Traditionally, first time home buyers would make use of the Home Buyer Plan (HBP) which is a withdrawal from your Registered Retirement Plan (RRSP).
Now a first time home buyer can instead contribute to a FHSA. You will get the same tax deduction you get when you contribute to an RRSP but with the FHSA, you do not have to pay it back.
Important Detail:
You can withdraw funds from your RRSP under the HBP AND withdraw funds from the FHSA.
Talk to your Financial Planner about what makes the most sense for your situation today.
If you don't have a Financial Planner, contact me for an introduction.
Talk soon!
Kim
