Quick introduction to the new Tax-Free First Home Savings Account (FHSA).
The Government has confirmed that as of April 1, 2023, financial institutions will have the ability to start offering the new Tax-Free First Home Savings Account (FHSA). Under this program, prospective first-time home buyers will have the ability to save $40,000 on a tax-free basis and, like a Registered Retirement Savings Plan (RRSP), contributions will be tax…