Introducing Tax-Free First Home Savings Account

Introduced in 2023, the tax-free First Home Savings Account (“FHSA”) is an innovative registered plan that allows prospective first-time home buyers to contribute up to $40,000 towards their first home, benefiting from tax-free growth. Similar to a Registered Retirement Savings Plan (“RRSP”), contributions to an FHSA are tax-deductible, and withdrawals to purchase a first home — including from investment income — are non-taxable, like a Tax-Free Savings Account (“TFSA”).