First Home Savings Accounts (FHSA) Are Here!
Topic: Wealth Planning
October 10, 2023
First Home Savings Accounts (FHSA) Are Here!
We are pleased to announce that Nexus now offers FHSAs to our clients.
The FHSA is a registered plan to help Canadians save for their first home and could play a role in either your or your adult child/grandchild’s overall wealth strategy.
While officially launched on April 1, 2023, there are only a small number of institutions currently offering these accounts. At Nexus we are proud to make these available for our clients.
Earlier this year we included some details on the FHSA in our Nexus Notes feature. You can find the article here.
Some FHSA Key Facts:
- Account holders can contribute $40,000 over the lifetime of the plan
- Annual contributions are capped at $8,000. Unused contribution room can carry forward to the following year, up to a limit of $8,000 (contribution room only begins to accumulate once an account is opened)
- Contributions are tax-deductible
- The contributions must be made in the calendar year (no extra 60 days like the RRSP deadline)
- Deductions can be carried forward indefinitely and deducted in a later tax year
- Investment income earned in the account is tax-sheltered
- Qualifying withdrawals are non-taxable
- The funds do not have to be paid back (unlike the Home Buyers’ Plan)
For more on eligibility, benefits and FAQs, please read our comprehensive Feature Sheet on the FHSA.
While there are many benefits to the FHSA, it might not be suitable for all circumstances. Contact your Nexus Wealth Manager for guidance specific to you, or to open an account today.
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