Are you a potential first-time home buyer? Have you heard about the Tax-Free First Home Saving Account, FHSA, for Canadian taxpayers who want to purchase their first home?
The FHSA is a mix between a Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA), but it's specifically geared toward saving for a house. The Canadian government released it to assist qualified Canadian taxpayers in purchasing their first home in a tax-friendly manner.
In this video, I share everything you need to know about the Tax-Free First Home Saving Account, FHSA, including how the FHSA works, the type of tax credits and plans you can take advantage of when buying a home for the first time.
If you found this video useful, I highly recommend watching my earlier video on How to Buy Your Home with Little Money here: • Buy your First Home with Little Money .
Key Moments In This Episode
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00:00- Intro
2:10 - What is the Tax-Free First Home Saving Account, FHSA?
3:48 - Who’s considered as Qualified First-time Home Buyers for FHSA?
5:17 - How does FHSA help you buy a home?
7:56 - How long can you keep an FHSA open?
8:59 - What happens to your FHSA if you never buy a home?
9:55 - How does the FHSA compare to the homebuyer's plan within RRSPs?
11:51 - 6 critical things to know about contributing to an FHSA account
If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.
Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies, so you don’t miss a thing!
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Please make sure to speak to a professional that knows your personal situation before making a decision.
If you need to talk to someone on my team, send us an email at [email protected]
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