Posted in Did you know...that FHSA contribution room can be carried over? If you are looking at jumping into the housing market over the next few years, you should open an account before the end of 2025 even if you don't have funds to contribute.
An FHSA allows you to contribute up to $8,000 per year, up to a maximum of $40,000, to help save $ for your first home. There is no tax on the funds earned inside the plan, and you get a tax receipt when you make the contribution (similar to an RSP), which will help generate a bigger refund at income tax time. Even if you have nothing to contribute in 2025, you could carry forward the $8,000 in contribution room until next year, giving you the ability to contribute up to $16,000!
Want to learn more about how this can kick-start your savings plan? Call (613)394-5810 or send us a message today!
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