First Home Savings Account (FHSA)
Canada's First-Time Home Buyer's Savings Account (FTHSA) is a government initiative aimed at helping Canadians save for their first home purchase. Launched to alleviate the financial strain of buying a home, this program allows individuals to deposit annually into a registered account, with contributions accumulating tax-free. The funds can be withdrawn tax-free when used for a down payment on a qualifying home, providing a valuable incentive for first-time buyers to save effectively. The FTHSA offers flexibility, allowing contributions from family members and permitting unused contribution room to be carried forward.
CRA Website for more details - https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html
Participating in your FHSAs
