Canada Brings Good News To First-Time Homebuyers

 Is having your own home in Canada a dream for you? Now you can turn your dreams into reality with the Tax-Free First Home Savings Account. Let’s find out more about this today.

 

Tax-Free First Home Savings Account

 

The federal government of Canada has come up with a new initiative to help first-time homebuyers. This is called the Tax-Free First Home Savings Account (FHSA).

 

As a first-time homebuyer, you can save up to $40,000 through this registered savings. And then you can use it to buy your own single-family home.

 

What happens is that the FHSA combines your registered retirement savings plans (RRSPs) with the features of tax-free savings accounts (TFSAs). So this would give you a chance to steadily build your savings with a limit for an annual contribution of $8,000.



Benefits and Eligibility for the FHSA

 

Now to be eligible for the FHSA, you must have the following:

  • Be a Canadian resident
  • Be at least 18 years
  • Must be a first-time homebuyer
To read the complete blog, click here.


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