The First Home Savings Account (FHSA) is a registered investment account that can help Canadians contribute up to $40,000 for their first home.

Any growth from your investments is tax-free. Contributions you make to your FHSA can also reduce your taxable income.

Every year you gain contribution room in your FHSA. As of January 2023, you can contribute $8,000 annually in your FHSA.

There are three important components to qualify for this investment vehicle:

• You need to be a resident of Canada

• You have to be at least 18 years of age (or the age of majority in your province or territory)

• You or your spouse can't own a home in which you lived, at any time in the year the account is opened or during the previous four calendar years

Contact us today to start your First Home Savings Account at info@ddfinancial.ca.