money, money, money, monneeeeey 🎵🎵

Savings for a down payment can feel liking a daunting task. Especially with the price of rents and groceries these days. A new program has been put in place to help first-time homebuyers save money tax-free.

After opening your FSHA, you will be able to contribute up to $ 8,000.00 annually, with a lifetime contribution limit amount of $ 40,000.00. You can carry forward an unused contribution amount to the next year, up to $ 8,000.00 The owner of the account will receive a T4 and the contribution amounts must be claimed on the owners personal income tax return. This new registered account helps first-time home buyers save money tax-free and as long as the owner withdrawals the money to use on their first home, there wont be any investment tax at the time of withdrawal.