Unlock your path to owning your first home. The tax-free FHSA - First Home Savings Account is coming to Tandia this Fall. A FHSA is a tax-free savings product designed to assist individuals in saving for the purchase of their first home. It’s a great way to grow your savings.
Your contributions reduce your taxable income (up to a lifetime maximum of $40,000), and you can withdraw the money - tax-free - for any qualifying home purchase. (Footnote
You are considered a first-time home buyer if:
You are a Canadian resident.
You are between the ages of 18 and 71.
Additionally, you or your spouse can't own a home in which you lived, at any time in the year the account is opened or during the previous four calendar years.
IMPORTANT NOTE: You are not considered a first-time home buyer if you intend to purchase an investment property.
You can annually contribute up to $8,000 with a lifetime contribution limit of $40,000.
A maximum of $8,000 unused contribution room can carry forward to the following year. For example, if you contribute $6,000 to your FHSA in 2023, you’ll be allowed to contribute $10,000 in 2024.
The account can stay open for a maximum 15 years or until the end of the year you turn 71.
Individuals may claim an income tax deduction for eligible FHSA contributions.
Your FHSA can hold a variety of qualified investments, including cash, Guaranteed Investment Certificates (GICs) and Mutual Funds.
If you don't use your FHSA to buy a home, you can transfer the funds to an RRSP account anytime within 15 years or at the time you need to close your account. The transfers will not impact your RRSP's contribution room.
Alternatively, you can withdraw the amount as cash, but the money would be subject to taxes.
Balancing financing and expenses is a constant challenge. Use our Mortgage Calculator to figure out what the costs are. It's quick, accurate and easy to use. Let us do the math.
As a first-time home buyer, you probably have many questions. Buying a home involves many decisions. The endless lingo and terms can seem overwhelming. There’s no better place for a tailored personalized mortgage than right here at Tandia. From Home Buyers’ Plan (HBP) to repayment of RRSP funds, let us partner with you each step of the way. Visit our buying a home guide and let's get you started.
Welcome to an easy-going life with a Tandia Mortgage.
Here at Tandia, we’re proud to offer a comfortable mortgage experience and at a pleasantly low rate. We will work with you to ensure that your home financing suits your unique needs, while allowing the flexibility you want for the future.
That means you can be confident that your unique needs come first. We understand that everyone is different, and we tailor solutions that are just right for you. Our values prove it.
Get in touch with us at any time, whether it’s a question about our services or a comment on how we can do things better. Your voice is number one at Tandia.
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