Navigate Homeownership with FHSA in Ontario & Alberta
Estate planning is an essential step in managing your assets and ensuring they are distributed according to your wishes. Our comprehensive estate planning services in Ontario & Alberta provide peace of mind, knowing your legacy is secure and your loved ones are taken care of.
What is an FHSA?
A FHSA is a unique savings plan for prospective homeowners. It stands out by offering tax-deductible contributions, tax-free growth, and tax-free withdrawals when it’s time to purchase your first home—making it a triple-tax-advantaged route to saving for your future residence.
Triple Tax Advantage
Make the most of tax deductions on contributions, tax-free earnings, and tax-free withdrawals.
High Contribution Limits
Benefit from generous annual contribution limits that fast-track your savings.
Homeownership Within Reach
Specifically designed for first-time homebuyers, the FHSA is a powerful tool in your financial arsenal.
Tailored FHSA Strategies for
Ontario & Alberta
Our advisors craft personalized FHSA strategies that support your timeline and budget for buying a home. We assess the local real estate market and advise you on optimizing your FHSA contributions and withdrawals.
Frequently Asked Questions
Typically, to open an FHSA, you need to be a resident of Canada, of legal age in your province, and a first-time homebuyer, which usually means you haven’t owned a home that you lived in as your principal residence within the last four years.
The FHSA can work alongside other programs like the RRSP Home Buyers’ Plan by offering additional savings options with tax benefits. While the RRSP Home Buyers’ Plan allows for the withdrawal of funds for a first home purchase, the FHSA focuses on saving with tax advantages for the same purpose, potentially providing a greater benefit when used together.
Should you not buy a home within the plan’s timeframe, options often include transferring funds to an RRSP or other registered accounts, subject to certain rules and conditions, to avoid potential penalties or taxes.
Why Choose Agam Singh Financial for FHSA Planning?
Our dedicated team at Agam Singh Financial in Ontario & Alberta provides expert guidance on FHSA accounts, ensuring you make informed decisions that bring you closer to the goal of homeownership.
Request an Appointment
Are you ready to start saving for your first home with the benefits of an FHSA?
Contact us today for a personalized consultation and let us help you build your future in Ontario & Alberta.
Phone
(647) 894 4790 - CELL
Location
2682 Islington Avenue Etobicoke, ON M9V 2X5
agams@singhfinancialltd.com
Hours
9:00AM - 04:00PM