The first home savings account (FHSA) can be a powerful tool to save for a down payment.
What’s critical to getting most out of the plan, however, is understanding what counts as a “qualifying home” under the FHSA’s rules, both when someone opens an account and when they want to make a tax-free qualifying withdrawal to buy or build a home.
Let’s start with the basics.
Click here to read the full article by Rudy Mezzetta, originally published on Advisor.ca on April 11, 2024, featuring insights from Aaron Hector, Private Wealth Advisor, Financial Planner.
The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional. No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability or its contents or for any consequences arising from its use.