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Why is the FHSA so beneficial?
Here’s an example to help demonstrate why the FHSA is an advantageous savings plan for homebuyers looking to purchase their first property.
Fictional example
Dwight is a single Quebec resident with no children earning a $50,000 annual salary. By contributing $8,000 annually to his FHSA starting in 2023, he’ll save a total of $2,122 in taxes for that same year.
In addition to allowing you to save up for a down payment while growing your funds by accumulating interest, the FHSA allows you to save on taxes every year you contribute.
Related questions
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How to withdraw money from my TFSA? Here’s how to withdraw money from your TFSA. You should receive the funds in your National Bank account instantly. -
FHSA, RRSP or TFSA, which one to choose? Your RRSP (HBP), TFSA and FHSA are attractive savings programs for first-time buyers. Discover their distinct advantages. -
When will I receive my tax slips? Find out when your tax slips are due for the tax season. -
What is the minimum age for contributing to an RRSP? Find out at which age you can open an RRSP. -
Can I use multiple savings plans for my down payment? You can combine your RRSP (HBP), TFSA and FHSA when purchasing a property.
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