Tax- Free Savings Account
Posted by Jill Bird on
Saving for your first home just got a little easier. The First Home Savings Account (FHSA) offers a smart new way to save for your first home, on a tax-free basis.
What is the FHSA?
The FHSA combines the features of a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA). It works like an RRSP when contributing and acts like a TFSA when making withdrawals. This means contributions are tax- deductible while qualifying withdrawals are non- taxable.
As a type of registered plan, you can hold investments in it to help reach your goal of owning a home faster. There’s no minimum balance required to open an account and you can hold a wide range of investment products.
The best part is that…
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