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“Tax-Free First Home Savings Account ("FHSA")” - Money Monday with Shawna McCrea of Balance Financial
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“Tax-Free First Home Savings Account ("FHSA")” - Money Monday with Shawna McCrea of Balance Financial
The FHSA is a proposed registered savings account that will allow individuals to make deductible contributions of up to $8,000 annually to a maximum of $40,000 for the purpose of purchasing their first home.
- Intended to help individuals save for their first home.
- Available starting in 2023.
- Contributions to the FHSA would be deductible from income and can come from existing RSPs
- Qualifying withdrawals for a first home purchase would not be taxable. - Income earned in the account would not be taxable.
- Tax Free Going In Tax Free Coming Out
- If you don’t buy a home within 15 years, you’ve got to close the account And then, you can transfer what’s left into an RRSP or Registered Retirement Income Fund (RRIF), or pay taxes on it
MY CHALLENGE to you is to let people know about the FHSA
Wishing you Financial Health | Know your numbers
Having my own practice I get to put clients before shareholders
First phone consultation is COMPLIMENTARY
#InspiringFinancialHealth #FinancialPlanning #CashWealthRiskLegacy
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