FHSA Contribution Room Reminder
Just a friendly reminder for the First Home Savings Account (FHSA). Contribution room for this account does not start until the account is opened! So if you, a friend, or family member are a prospective first time buyer, you should simply open the account before year end to get that contribution room to carry forward ($8,000).
Here is a 90 second overview of this account: Click Here
This account is not like the TFSA, which you gain the contribution room from the age of 18 no matter when you open it. So even if home ownership is a longer term goal, you should at least open the account to start to build the contribution room so you have it as an option, and can gain the maximum potential benefit. The lifetime limit of this account is $40,000, so it will take 5 years of having this account open to gain the full benefit.
Here is a link to all the FHSA account details: Click Here.
We are wishing everyone a safe holiday season and end to 2023! If you, a family member, or friend have any Real Estate questions, don’t hesitate to reach out, we are always happy to chat!
