A FHSA is a tax-free registered plan allowing prospective first-time home buyers the opportunity to save for their first home (up to certain limits). It was first introduced by the Federal Government in 2023.
To learn about maximizing FHSA contributions to help buy a home sooner, refer to a young Canadian couple looking forward to buying their first home, brought to you by Empire Life.
We're here to help answer your questions, Contact Us to arrange to meet with your Advisor about opening a First-Home Savings Plan today.
If you wish to learn about the FHSP before reaching out, below is information to help you understand the new savings plan.
1. A "first-time home buyer" for the purpose of opening an FHSA is different than a "first-time home buyer" for the purpose of making a qualifying withdrawal.
You will be considered to be a first-time home buyer if you did not, at any time in the current calendar year before the account is opened or at any time in the preceding four calendar years, live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that either:
You will be considered to be a first-time home buyer if you did not, at any time in the current calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or at any time in the preceding four calendar years, live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned.
Contact Us to arrange to meet with your Advisor about opening a First-Home Savings Plan today.