We’re excited to announce that the First Home Savings Account (FHSA) is now available at Kindred! This new registered savings account is designed by the Government of Canada for first-time home buyers. The FHSA offers the benefits of both tax deductions on your contributions AND non-taxable earnings! You can contribute a maximum of $8,000 yearly, and up to $40,000 in your lifetime.
Your contributions can be claimed as a deduction on your annual income tax return (like an RRSP). Any interest or dividends you make, as well as withdrawals, are completely tax-free (like a TFSA) as long as they are used toward the purchase of a qualifying home. You can fill your FHSA with a variety of investments such as cash, GICs, mutual funds*, stocks*, or bonds*.
In order to be eligible for a FHSA, you must be a Canadian resident between the ages of 18 and 71 years of age. You or your spouse must be a first-time home buyer who hasn’t lived in a qualifying home in the current year or anytime in the preceding 4 years.
If you are currently saving for your first home, meet with a member of Kindred’s Wealth and Investment team today to find out how a First Home Savings Account might help you get into a home of your own faster. With Kindred, you’re closer to home.
*Mutual funds are offered through Qtrade Asset Management (a tradename of Credential Asset Management Inc). Mutual funds and other securities are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc. Unless otherwise stated, mutual fund 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.
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