"Saving for Your First Home? Learn About the First Home Savings Account"

[{"selector":"#anim-9ab74379-6bdf-4203-a237-bc32c1c0afec","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ea0c26f3-7d36-40fe-87aa-e3aabc302559","keyframes":{"transform":["translate3d(0px, -18.33459%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Brush Stroke The First Home Savings Account (FHSA) helps Canadians save for their first home with tax-free contributions, growth, and withdrawals.

[{"selector":"#anim-e3018ce3-64b9-49cf-9f49-eec5424b8e38","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-12cf64f0-c690-446d-ac6a-37362f2ad2d8","keyframes":{"transform":["translate3d(0px, -18.33459%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Brush Stroke Eligibility for an FHSA requires Canadian residency, being a first-time homebuyer, and meeting age criteria (18 to 71 years old).

[{"selector":"#anim-e7a5e316-1fbd-46ab-95ab-2f4f874657fa","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6c1ed13f-6081-43ba-90d2-a7046501f35b","keyframes":{"transform":["translate3d(0px, -18.33459%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Brush Stroke Contribution limits include a $8,000 annual cap and a $40,000 lifetime maximum, with options to carry forward unused room.

[{"selector":"#anim-c023ef7f-ad9c-4632-8d2a-00f931335622","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bcfbaf23-2f85-450d-b491-091bcd009e4a","keyframes":{"transform":["translate3d(0px, -18.33459%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Brush Stroke FHSA offers tax benefits such as tax-deductible contributions, tax-free growth of investments, and tax-free withdrawals for home purchases.

[{"selector":"#anim-1bd74531-03a3-4258-ae3a-c08075562528","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c83d5f87-1e02-4e3f-ad45-a77bb88acc00","keyframes":{"transform":["translate3d(0px, -18.33459%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Brush Stroke Types of FHSAs include Depositary, Trusteed, Insured, and Self-Directed, each offering different investment options and management styles.

[{"selector":"#anim-b7d1c194-080d-4545-97ac-66f2dc97efca","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d107e4de-5a7d-498e-b591-8a03948989c5","keyframes":{"transform":["translate3d(0px, -18.33459%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Brush Stroke Opening an FHSA involves choosing a financial institution, providing necessary documents, and managing contributions and investments strategically. MORE ABOUT FHSA