If you or someone you know is saving for a down payment on a house they may want in the future, the FHSA is the tool you need to boost your investment. The FHSA combines features of an RRSP and TFSA, which gives prospective homeowners and investors some tax relief and a boost toward their possible homeownership goals.

Highlights

• Account holders can contribute up to 8000$ annually, up to a lifetime maximum of 40 000$
• Just like an RRSP, contributions made to an FHSA are tax deductible (bigger tax return)
• Like a TFSA, funds can be withdrawn from your FHSA tax-free, given funds are used for a home purchase
• Funds in your FHSA can be invested in allowable investment assets (stock, bonds, ETF, etc.) and growth from it is tax-free
• Transfer can be made from RRSP to FHSA given it stays under the 8000$ limit
• Transfer can be made from FHSA to RRSP if you decide not to purchase a house 😊

All the pros, remember to open an account early to start your contribution.
We love our tax-free money, we love keeping more money, in our pockets.