Once available, first-time home buyers can consider opening a First home Savings Account 'FHSA' and taking advantage of the tax deductible contributions, plus the tax-free compounding growth on any income earned and capital gains realized within the account. This account may help you save tax efficiently towards the purchase of a home. If you don't end up buying or building a qualifying home, you can direct the funds towards your retirement by transferring any unwithdrawn savings on a tax-free basis to an RRSP or a RRIF. It is also a great way to introduce your child (aged 18 and over) to savings money towards the purchase of their first home.

Speak with me to see how the FHSA may help you meet you or your family's financial goals.