Tax-Free First Home Savings Account
This new account helps you to save for your first home by combining the benefits of the Registered Retirement Savings Plan and Tax-Free Savings Account.
It just got easier to save for your first home!
Contributions of up to $8,000 a year are tax-deductible. Meanwhile withdrawals towards your first home purchase would be non-taxable like a TFSA.
Who is eligible for a FHSA?
- A Canadian resident
- 18 year or older
- A first-time home buyer
How is an FHSA different than the Home Buyers’ Plan (HBP)
- FHSA withdrawals and withdrawals under the HBP can be made for the same qualifying home purchase.
- HBP withdrawals are borrowed from your RRSP (interest-free) and must be paid back within 15 years, whereas qualifying FHSA withdrawals are tax-free and do not need to be repaid.
How can I get an FHSA from LCU?
- Book an appointment with your Financial Advisor
- Book and Appointment
- Bonnyville 780-826-3377
Cold Lake 780-594-4011
Why should you invest in a FHSA with LCU?
- Tax Benefits
- You won’t pay taxes on your investment earning and it can help lower your annual tax bill through eligible tax deductions.
- It’s Flexible
- You can combine it with a partner’s FHSA accounts and use both to increase your purchasing power.
- You can carry forward up to $8,000 of your unused annual contribution amount to use in a later year.
- It Grows with You
- Your contributions carry forward! You can contribute tax-free for up to 15 years and/or $40,000
Learn more about this Government of Canada initiative here: First Home Savings Account (FHSA) - Canada.ca
Book an Appointment
Visit us in branch, Bonnyville and Cold Lake main street. Use the form to book your appointment.
Looking for Advice?
Connect with a Financial Advisor in person, virtually, or over the phone - whichever works best for you.