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5 Benefits of Investing in The First Home Savings Account (FHSA)

12 June 2023

We are thrilled to introduce the First Home Savings Account (FHSA) now available through Wealthforce.

This new offering aims to provide our clients with a specialized savings account that will help them save for their first home while enjoying various benefits and personalized support from our experienced team.

What is the First Home Savings Account (FHSA)?

The FHSA is a dedicated savings account designed specifically for first-time homebuyers that can help Canadians save up to $40,000 for the their first home. It is a comprehensive solution offered through Wealthforce to help individuals and families save up to $8,000 annually towards the down payment and associated costs of purchasing their first home. The account provides a secure and efficient way to accumulate funds, with the goal of making homeownership more attainable.

  • Save for a down payment of a first home
  • Available to Canadians over 18 and have not owned or lived in a home owned by their common law partner in the current calendar year and previous four calendar years.
  • he FHSA can remain open for 15 years or until the end of the year the participant turns 71, whichever happens first.
  • Eligible participants can make a tax-free withdrawal at any time for a single property purchase.

Benefits of investing in a FHSA through Wealthforce:

  1. Tax Benefits: A significant benefit of an FHSA is the tax advantages it offers. The funds deposited into the account are tax-deductible, which means that individuals can reduce their taxable income by the amount saved in their FHSA. This reduces the financial burden on account holders and allows them to save more effectively.
  2. Save up to $40,000 for your first home
  3. Unused contribution room can be carried forward to the next year, up to a maximum of $8,000
  4. Potential to reduce your tax bill and carry forward contributions not deducted indefinitely.
  5. Tailored Saving/Investment Strategy: Your Wealthforce representative understands that each client's financial situation and goals are unique. Our experienced representatives will work closely with first-time homebuyers to assess their needs, establish a personalized investment strategy, and determine the most suitable investment funds for the FHSA contribution plan.

With personalized investment strategies, expert guidance, tax advantages, access to resources and tools, and dedicated support, the FHSA empowers first-time homebuyers to confidently embark on their homeownership journey. Wealthforce is excited to be part of this important milestone in our clients' lives, and we look forward to helping many individuals and families achieve their dream of owning a home.

To learn more about the First Home Savings Account and how it can assist you in reaching your homeownership goals, reach out to your Wealthforce professional today!

Cindy C. - Financial Blogger

Cindy C.