Exciting News for First-Time Homebuyers: FHSA Now Available at Silverbirch!
You may recall earlier this year, there was an announcement about a new opportunity for first-time homebuyers – the Tax-Free First Home Savings Account (FHSA). We've been eagerly awaiting its rollout, and I'm thrilled to share that it’s now available here at Silverbirch!
Introducing the FHSA: A Smart Way to Save for Your First Home
The FHSA is a powerful tool designed to make the dream of homeownership more attainable.
Here’s a quick rundown of what it offers:
Save More: You can contribute up to $8,000 per year, with a generous lifetime limit of $40,000. Plus, any unused contribution room can be carried forward, up to $8,000 annually.
Tax Efficiency: Your contributions reduce your taxable income for the year – similar to an RRSP. The growth on your investments within the FHSA is tax-free too, and so are withdrawals when used to purchase your first home.
Flexibility for the Future: If plans change and a home purchase is not on the horizon, you can transfer funds from the FHSA to your RRSP or RRIF without affecting your RRSP contribution room – a smart way to pivot towards retirement saving.
Eligibility: If you're between 18 and 71 years old, you can take advantage of this opportunity.
Ready to Start Saving for a Home?
The FHSA could be a key part of your or your family’s financial strategy. Whether you’re a potential first-time homebuyer or looking to support your grown children's future homeownership goals, this account offers unique advantages.
Open Your FHSA with Silverbirch
As always, we are here to support your financial goals. Opening an FHSA with us is straightforward, and our team is ready to help you make the most of this new opportunity.
If you’re interested in opening an FHSA or simply want to learn more about how it can work for you, please reach out. We’re here to answer your questions and get you started on this exciting path to homeownership.
