Are you thinking about buying your first home? The First Home Savings Account (FHSA) is a game-changer for first-time buyers, offering tax-free savings for your down payment. But if you don’t open your FHSA before Dec. 31st, you’re missing out on its biggest benefit: the ability to carry over your $8,000 contribution limit to next year.
Why the FHSA Matters
The FHSA combines the best features of an RRSP and a TFSA:
Contributions are tax-deductible, reducing your taxable income.
Withdrawals, including investment growth, are tax-free if used for a home purchase.
The Importance of Starting Early
If you open your account before the year ends, you can contribute up to $8,000 in 2024. If you wait until January, you’ll lose the carryover advantage. That’s $8,000 of tax-free savings potential you can’t afford to pass up.
How I Can Help
As a mortgage broker, I’m not just here to arrange financing; I’m here to help you strategize. Let’s discuss how the FHSA fits into your homebuying plan and how we can maximize its benefits for your future.
Time is running out. Reach out to me today, and let’s make sure you’re taking full advantage of this incredible opportunity.
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