The Tax-Free First Home Savings Account (FHSA) is now available to eligible clients.
FHSA will give prospective first-time home buyers the ability to contribute $8,000 per year, and a $40,000 lifetime limit. Just like they are for an RRSP, these contributions are tax-deductible, and withdrawals towards the purchase of a first home are tax-free. Furthermore, as per Bill C-32, individuals can use both the FHSA & Home Buyer’s Plan (HBP) on the same qualifying home purchase.
To invest in this account through eligible mutual funds, contact your WhiteHaven representative.