First Time Home Buyers Savings Account 

Owning a home is a huge milestone in your life, but for many it's a dream that seems distant due to financial constraints.



There is a new type of first-time home buyers savings account that may change that. With the introduction of the First Home Savings Account (FHSA), that dream is now within reach for many.

Is the FHSA right for you? Let’s start with a conversation about what’s important to you and find out.

First Home Savings Account (FHSA): Your Pathway to Home Ownership

What is the First Home Savings Account (FHSA)?

The FHSA is a newly introduced registered first-time home buyers savings plan specifically designed to assist potential homeowners in saving for their first home. The primary advantage? Your savings grow tax-free, ensuring that every penny you save goes directly towards your goal.

Who Can Benefit from the FHSA?

Eligibility Criteria:

• •Age Requirement: You must be at least 18 years old. However, ensure you are not below the age of majority in your respective province.
• Social Insurance Number (SIN): A valid SIN is mandatory to open an FHSA.
• Home Ownership History: If you have not owned a home where you resided in the current year or during the previous four calendar years, you're eligible.

Advantages of the First Home Savings Account

Tax-Free Growth

One of the standout features of the FHSA is the tax-free growth of your savings. This means that the interest, dividends, or capital gains earned on the money you deposit into this account won't be taxed, maximizing your savings potential.

Dedicated Savings Path

With an FHSA, you have a clear and dedicated pathway to save for your first home. It serves as a reminder of your commitment to achieving this significant life goal.

Flexibility

The FHSA offers flexibility in terms of deposit amounts and frequencies. Whether you choose to deposit money monthly, quarterly, or annually, the choice is yours.