{"id":26704,"date":"2024-01-03T17:35:05","date_gmt":"2024-01-03T17:35:05","guid":{"rendered":"https:\/\/3ataxservicespc.ca\/?p=26704"},"modified":"2024-10-11T04:13:23","modified_gmt":"2024-10-11T04:13:23","slug":"saving-for-your-first-home-find-out-how-a-first-home-savings-account-can-help","status":"publish","type":"post","link":"https:\/\/3ataxservicespc.ca\/index.php\/2024\/01\/03\/saving-for-your-first-home-find-out-how-a-first-home-savings-account-can-help\/","title":{"rendered":"Saving for your first home? Find out how a First Home Savings Account can help"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"26704\" class=\"elementor elementor-26704\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-db535a3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"db535a3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c729084\" data-id=\"c729084\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-771848c elementor-widget elementor-widget-text-editor\" data-id=\"771848c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Canadians can save for a home tax-free using the\u00a0<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/first-home-savings-account.html\">First Home Savings Account (FHSA)<\/a>. Prospective first-time home buyers can contribute or transfer from their RRSP up to $40,000 towards buying or building their first home.<\/p><p>Like an RRSP, contributions made to an FHSA are generally tax-deductible. Up to $8,000 in FHSA contributions made by\u00a0<span class=\"nowrap\">December 31, 2023<\/span>, can be claimed as a deduction on the 2023 income tax and benefit return. Qualifying withdrawals, including investment income on contributions and transfers, are non-taxable when withdrawn to build or buy a qualifying home.<\/p><p>As of\u00a0<span class=\"nowrap\">December 5, 2023<\/span>,\u00a0<a href=\"https:\/\/www.canada.ca\/en\/department-finance\/news\/2023\/12\/canadas-economic-plan-is-helping-canadians-save-for-a-first-home-and-building-more-co-op-homes-faster.html\">more than 300,000 Canadians<\/a>\u00a0have opened an FHSA to save for a down payment on their first home.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cd07595 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cd07595\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-db62172\" data-id=\"db62172\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-26c6c85 elementor-widget elementor-widget-button\" data-id=\"26c6c85\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/news\/newsroom\/tax-tips\/tax-tips-2023\/saving-first-home-find-out-how-first-home-savings-account-can-help.html\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Learn More<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Canadians can save for a home tax-free using the\u00a0First Home Savings Account (FHSA). Prospective first-time home buyers can contribute or transfer from their RRSP up to $40,000 towards buying or building their first home. Like an RRSP, contributions made to an FHSA are generally tax-deductible. Up to $8,000 in FHSA contributions made by\u00a0December 31, 2023, &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"ast-button\" href=\"https:\/\/3ataxservicespc.ca\/index.php\/2024\/01\/03\/saving-for-your-first-home-find-out-how-a-first-home-savings-account-can-help\/\"> <span class=\"screen-reader-text\">Saving for your first home? Find out how a First Home Savings Account can help<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":27491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[55],"tags":[],"class_list":["post-26704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cra-infomation"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867.jpg",1280,853,false],"thumbnail":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-150x150.jpg",150,150,true],"medium":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-300x200.jpg",300,200,true],"medium_large":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-768x512.jpg",768,512,true],"large":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-1024x682.jpg",1024,682,true],"1536x1536":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867.jpg",1280,853,false],"2048x2048":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867.jpg",1280,853,false],"woocommerce_thumbnail":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-300x300.jpg",300,300,true],"woocommerce_single":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-600x400.jpg",600,400,true],"woocommerce_gallery_thumbnail":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-100x100.jpg",100,100,true]},"uagb_author_info":{"display_name":"Tax Admin","author_link":"https:\/\/3ataxservicespc.ca\/index.php\/author\/tax-admin\/"},"uagb_comment_info":0,"uagb_excerpt":"Canadians can save for a home tax-free using the\u00a0First Home Savings Account (FHSA). Prospective first-time home buyers can contribute or transfer from their RRSP up to $40,000 towards buying or building their first home. Like an RRSP, contributions made to an FHSA are generally tax-deductible. Up to $8,000 in FHSA contributions made by\u00a0December 31, 2023,&hellip;","rttpg_featured_image_url":{"full":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867.jpg",1280,853,false],"landscape":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867.jpg",1280,853,false],"portraits":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867.jpg",1280,853,false],"thumbnail":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-150x150.jpg",150,150,true],"medium":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-300x200.jpg",300,200,true],"large":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-1024x682.jpg",1024,682,true],"1536x1536":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867.jpg",1280,853,false],"2048x2048":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867.jpg",1280,853,false],"woocommerce_thumbnail":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-300x300.jpg",300,300,true],"woocommerce_single":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-600x400.jpg",600,400,true],"woocommerce_gallery_thumbnail":["https:\/\/3ataxservicespc.ca\/wp-content\/uploads\/2024\/10\/coins-currency-investment-insurance-128867-128867-100x100.jpg",100,100,true]},"rttpg_author":{"display_name":"Tax Admin","author_link":"https:\/\/3ataxservicespc.ca\/index.php\/author\/tax-admin\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/3ataxservicespc.ca\/index.php\/category\/cra-infomation\/\" rel=\"category tag\">CRA Information<\/a>","rttpg_excerpt":"Canadians can save for a home tax-free using the\u00a0First Home Savings Account (FHSA). Prospective first-time home buyers can contribute or transfer from their RRSP up to $40,000 towards buying or building their first home. Like an RRSP, contributions made to an FHSA are generally tax-deductible. Up to $8,000 in FHSA contributions made by\u00a0December 31, 2023,&hellip;","_links":{"self":[{"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/posts\/26704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/comments?post=26704"}],"version-history":[{"count":5,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/posts\/26704\/revisions"}],"predecessor-version":[{"id":27492,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/posts\/26704\/revisions\/27492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/media\/27491"}],"wp:attachment":[{"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/media?parent=26704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/categories?post=26704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/3ataxservicespc.ca\/index.php\/wp-json\/wp\/v2\/tags?post=26704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}