An FHSA is a tax-free savings account designed to help future homeowners save for the purchase of a qualifying first home in Canada.
Combining the advantages of an RRSP and a TFSA, the FHSA gives you a deduction that reduces your annual taxable income and allows you to generate tax-free returns. You can then use the accumulated funds to finance the purchase of a first home without having to pay taxes on withdrawals, and without having to repay the amounts withdrawn from the FHSA.
Our preferred partners at IA Financial have just announced that we will be able to open FHSA beginning November 13. Click here for more info.