FHSA (First-Home Savings Account)

FHSA

The FHSA is a new registered account to help individuals save up to 40,000$ on a tax-free basis to purchase their first home. The FHSA is a mix between a registered retirement savings plan (RRSP) and a tax-free savings account (TFSA). Like an RRSP, contributions you make to a FHSA are tax-deductible; like a TFSA, withdrawals you make to purchase a first home will not be taxable.