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Make the most of your first home savings account

CRA Information, CRA Tax Tips, What's new from CRA / By

A First Home Savings Account (FHSA) lets you save for a qualifying home with tax-free growth and tax-deductible contributions, making it a great option for potential first-time home buyers.

But, it’s important to make sure you don’t put too much into your FHSA. If you do, part of the tax-free growth you’re generating could end up going toward taxes anyway!

Click here are some tips for how you can make the most of your FHSA and avoid any costly errors

Information source from Canada Revenue Agency (CRA)

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