These are the key things you need to know about the First Home Savings Account (FHSA).
The Tax-Free First Home Savings Account (FHSA) officially launched on April 1, 2023. With that said, the only financial institution that was ready with the account on launch day was Questrade. Other institutions say they won't be ready until later in the spring or later this year.
Nevertheless, if you want to know how the account works, who is eligible, and some of the big benefits of the account, I go through it all in this video. If you have any questions, please leave them in the comments!
#personalfinance #financialliteracy #FHSA
CHAPTERS
00:00 Introduction
00:55 Eligibility
01:50 Where you can open an account
02:37 What you can put inside an FHSA
04:26 Contributions
09:49 Carry-forwards
10:48 Tax deductions
11:38 Withdrawals
12:31 Closing an FHSA
RESOURCES
📌 FHSA Info on CRA website https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html
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