FHSAs by Craven Financial Planning
Discover how a First Home Savings Account (FHSA) in Canada allows you to save for your first home with tax-free growth and deductible contributions.
Maximize Your Home Savings with an FHSA
With tax-free growth and deductible contributions, a First Home Savings Account (FHSA) is a valuable tool for building savings for your first home.
FHSAs allow you to contribute up to $8,000 annually, with investment options like mutual funds and GICs to help grow your savings. Withdrawals made for purchasing a qualifying home are tax-free, making it easier to reach your homeownership goals.
Common Questions and Answers:
- What investments can I hold in an FHSA?
Mutual funds, GICs, stocks, and ETFs. - How does an FHSA help save for a home?
Contributions grow tax-free, and withdrawals for a home purchase are tax-exempt.
Ready to maximize your home savings with an FHSA? Contact Financial Planner William (Bill) Craven today for personalized strategies.
Ready to take advantage of a First Home Savings Account (FHSA) and start saving for your first home with tax-free growth?
Whether you’re just getting started or looking to enhance your current investments, Financial Planner William (Bill) Craven will guide you in making smart decisions that align with your financial goals.
Get started today
A First Home Savings Account (FHSA) is a powerful tool that allows individuals to save for their first home by contributing to a tax-free account.
Frequently Asked Questions about FHSA
An FHSA is a tax-free savings account designed to help Canadians save for their first home, combining features of an RRSP and TFSA.
You can contribute up to $8,000 per year, with a lifetime contribution limit of $40,000.
Yes, contributions to an FHSA are tax-deductible, reducing your taxable income for the year.
You can invest in mutual funds, ETFs, GICs, stocks, and bonds within your FHSA.
No, withdrawals made for a qualifying home purchase are completely tax-free.
Canadian residents aged 18 or older, who are first-time homebuyers, are eligible for an FHSA.
Yes, unused FHSA contribution room can be carried forward, up to a maximum of $8,000 per year.
