Watch your down payment smile back at you.
A first home savings account, or FHSA, helps you save for your down payment while getting a little help from tax advantages along the way. Your contributions can lower your taxable income, your savings can grow tax free, and qualifying withdrawals for your first home are tax free too.
With Hubert, you also get added flexibility as you save. Unused contribution room can be carried forward, so you have room to catch up when you are ready. Plus, your deposits are 100% guaranteed, giving your future home fund a safe and happy place to grow.
Are you a first-time homebuyer?
Have you started saving or been thinking about how you’re going to save for a down payment for your first home, but need a plan to get there? Look no further than the First Home Savings Account (FHSA). An FHSA is a new registered plan that gives prospective first-time homebuyers the ability to save up to $40,000 for a down payment on a tax-free basis.
Lower taxable income.
Contributions are tax-deductible and you can contribute or transfer from your RRSP up to $8,000 per year. This allows your savings to grow tax-free!
Tax-free withdrawals.
Withdrawals used to purchase a qualifying home are non-taxable and no repayment is required for withdrawal for your home purchase.
Carry forward unused contribution room.
Carry forward unused portions of your FHSA participation room up to a maximum of $8,000. Unused funds can also be transferred to an RRSP or RRIF.