What is the First Time Home Savings Account
On April 1, 2023, the Canadian Government introduced the new Tax-Free First Home Savings Account (FHSA). It will allow first time home buyers to save up to $40,000 per person towards their first home. The FHSA doesn’t replace the RRSP Home Buyers Program (HBP). It can be used on its own or in combination with the RRSP HBP.
How does FHSA compare?
The new account is a hybrid between a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA). Individuals benefit from:
-tax deductions on contributions to the product…What is the Tax-Free First Home Savings Account (FHSA)?
5 Reasons to have a Financial Plan
What is a financial plan?
5 key benefits to starting your financial plan
Whatever your financial goals are – saving for your children’s education, retiring comfortably or leaving something for your loved ones – having a financial plan is important. With it, you can take better control of your finances and know you have a plan in place to help you achieve your goals.
What is a financial plan?
Think of a financial plan as your personal roadmap. It… Read the full article: 5 Reasons to have a financial plan
