Dream of Owning a Home? Meet Canada's FHSA! (Part 1/5)
- Natesh Pillai
- Aug 4
- 1 min read
If you're a first-time home buyer in Canada, there's an exciting new way to save for your down payment: the First Home Savings Account (FHSA). This account is specially designed by the Canadian government to help make homeownership more achievable.
What is the FHSA? Simply put, it's a registered savings plan that offers some unique tax advantages to help you save specifically for your first qualifying home. Think of it as a super-charged savings account just for that big purchase!
Who Can Open One? To open an FHSA, you need to be:
An adult resident of Canada.
Considered a "first-time home buyer." This generally means you haven't lived in a home you owned (or co-owned) in the past four years. This rule also applies to your spouse or common-law partner.
The FHSA is a fantastic tool to get started on your homeownership journey. In upcoming posts, we'll dive into how much you can put in and the great tax benefits!
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