Dear Clients,
Beginning in April of 2023, the government is introducing the First Home Savings Account (FHSA) for individuals who are the age of 18 and older and are resident of Canada.
The FHSA offers prospective first-time home buyers the ability to save $40,000 tax-free. Like registered retirement savings plans (RRSP), contributions to a FHSA would be tax deductible. Like tax-free savings accounts (TFSA), income and gains inside a FHSA as well as withdrawal...