There are many incredible articles that can outline the new First Home Savings Account (FHSA) that the Government of Canada will be putting into place this Spring. Instead of providing you with tons of facts, I’ve put together a chart to compare four major government accounts that Canadians can invest in – FHSA, RRSP, TFSA and Home Buyers Plan (HBP).
In my professional opinion, investing in any of the four of these accounts is a great way to save for your future, whether that be for retirement or for your first home. In the case of buying your first home, saving for a down payment can be extremely difficult and in some cases may take a lot of time, dedication, commitment and planning. If this sounds like a situation that you are in, I believe that the FHSA is an excellent opportunity to protect your funds and grow your down payment as it is essentially the best of all worlds, combined into one place. Unlike any other account, you will not be taxed when you contribute or withdrawal your money – in other words, the government doesn’t take away from your investment. What you contribute and earn all goes towards your first home! If you are considering buying your first home, do not hesitate to reach out and set up a meeting with me to go over the FHSA and how it can benefit you.
Read more about government accounts such as RRSP and TFSA’s here.
Book your meeting here!
