Designed to assist Canadians looking to save for the purchase of
their first home.
The Tax-Free First Home Savings Account (FHSA) is a new Federal
program designed to assist Canadians in saving to purchase a home
for the first time. Crowe MacKay's trusted advisors review what
a FHSA is, who is eligible, how to open a new account, and how to
contribute to and make withdrawals from a FHSA.
What is a First Home Savings Account (FHSA)?
A FHSA is a new savings plan for Canadians that's effective
April 1, 2023. It allows prospective home buyers to save up to
$40,000 on a tax-free basis. Like a Registered Retirement Savings
Plan (RRSP), contributions would be tax-deductible, and withdrawals
to purchase a first home would be non-taxable, like a
Tax-Free Savings Account (TFSA).
