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Save for Your First Home with an FHSA

If you are a first-time homebuyer and are interested in getting started with a First Home Savings Account (FHSA), Wealth by Tandia is here to help. Tandia’s helpful Wealth team can guide you through the process of setting up an FHSA so your savings can grow tax-free. 

FHSA’s are a smart and flexible way to reach your homeownership goals faster. With an annual contribution limit of $8,000 and a $40,000 lifetime limit, an FHSA is a great way to grow your down payment so funds can be put towards a qualifying home purchase. 

To learn more about an FHSA or to make an appointment, contact our Wealth Desk Monday through Friday, 9 am to 5 pm at 1-844-600-3586. 

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FHSA with Tandia
Who qualifies for an FHSA?

To open an FHSA, you must be a Canadian resident between the ages of 18 and 71. You are considered a first-time homebuyer if you and your spouse have not owned a home during the year that the account is opened or the previous four calendar years.

Although no tax applies on FHSA withdrawals when used for the purchase of your first home, this benefit will only apply to one property over your lifetime. An FHSA account must be closed by the end of the year after the first qualifying withdrawal is made. After this, you cannot open another FHSA account.

Tanida FHSA How it works
How does an FHSA work?

The First Home Savings Account (FHSA) helps first-time buyers save faster with tax-deductible contributions and tax-free growth. You can contribute up to $8,000 per year, with a $40,000 lifetime limit, and carry forward up to $8,000 of unused contribution room each year.

When you're ready to buy your first home, qualifying withdrawals are tax-free. To be eligible, you must be a Canadian resident, a first-time homebuyer, and intend to live in the home as your principal residence within one year.

An FHSA can remain open for up to 15 years or until the end of the year you turn 71, whichever comes first.

Tandia FHSA Benefits
Are there other benefits of an FHSA?

Individuals may claim an income tax deduction for eligible FHSA contributions (up to $8,000 annually and a lifetime maximum limit of $40,000).

Your FHSA allows your savings to grow tax-free. Any investment earnings and growth within the account are non-taxable allowing you to save more of your money for the purchase of your first home.

Your FHSA can hold a variety of qualified investments, including cash, Guaranteed Investment Certificates (GICs) and Mutual Funds*.

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.

What happens if I don't use the money in my FHSA?

One of the great things about an FHSA is it gives you some flexibility if your plans happen to change. 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.

An Intro to First-Time Homebuying

Purchasing your first home is exciting and a life goal for many people. Whether house-shopping alone, with a partner or your whole family, there is a lot to consider beyond just how many bedrooms you need. Take some time to evaluate your current situation and your dreams for the future, and let these helpful tips guide you towards a purchase you’ll be happy about.

What Are You Working With?

To determine what you can buy, dig into the nitty-gritty such as your sources of income, debts and liabilities, and the cash you have saved for your down payment. To qualify for a conventional mortgage, you will need at least 20% of the purchase price of the home to put towards a down payment – however, if you don’t have 20% saved, you may still have options available to you, such as a High Ratio mortgage. Be sure to keep an eye on current interest rates too, so you’ll have an idea of what to expect when the time comes. Those mortgage payments will soon be coming around like clockwork, so having a clear picture and knowing exactly what you can afford will help you to avoid biting off more than you can chew.

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Can two people use their FHSA to purchase the same house?

Usually, yes! FHSA accounts can only be held by an individual, but if two (or more) people were to purchase a home together, they could use the money in their FHSA accounts towards the purchase of the same home.

Can I withdraw from my FHSA anytime?

Yes, there is no minimum amount of time that you must hold funds in your FHSA before they are withdrawn. The qualifying home must have been purchased within 30 days of making the withdrawal from your FHSA.

What kind of investments can I hold in my FHSA?

You can generally hold the same types of investments in an FHSA that you could with an RRSP or TFSA, such as cash, GICs, mutual funds, Canada and provincial savings bonds, ETFs and even certain shares or securities.

Tandia's Mortgage Glossary

Looking to brush up on key mortgage-related terms and phrases? Let us help!
Check out our handy Mortgage Glossary so you can navigate the homebuying process with ease.


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