First Home Savings Account (FHSA): A New Investment Tool
The tax-free FHSA was introduced in 2023 to help first-time home buyers save up to $40,000 for a home purchase. Individuals eligible to open an FHSA must be at least 18 years of age and resident in Canada. The individual must also have not lived in a home that they or their spouse owned jointly or otherwise at any time in the year or the preceding four calendar years. Contributions to an FHSA are deductible…