With over 20 years in lending and underwriting, I’ve seen firsthand how new programs like the First Home Savings Account (FHSA) can open doors for first-time buyers. The FHSA allows Canadians to save up to $40,000 tax-free toward their first home, with an annual contribution cap of $8,000. What stands out here is the dual advantage: contributions are tax-deductible and withdrawals remain tax-free, making it a truly flexible path to homeownership. Plus, if you don’t use the funds, you can transfer them to your RRSP without penalty—offering a smart backup plan. Having financed thousands of deals, I know how important it is to leverage every tool available when planning your first purchase.
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