09/28/2025
🏠 If you haven't bought your first home & hope to in the next 15 years, an FHSA is your GREATEST investment saving tool! Even if you're not sure if you will, but you'd like to experience immediate tax savings, this is still for you!
WHY?
💲 Saves $5600 to $13,000 in Federal Taxes (depending on your taxable income bracket rate) with the maximum $40,000 FHSA lifetime contribution. (PLUS thousands in Provincial tax savings, that vary by province)
🤯 Withdrawls are 100% TAX FREE, unlike RRSPs. PLUS you can move your previous RRSP contributions over to your FHSA (within FHSA limit room).
💸 Every dollar you invest, is a dollar that grows tax-free!
What if I don't end up buying a home?
1. You have 15 years to decide (or until 71)
2. Roll into an RRSP without it affecting your RRSP room
3. Withdrawls will be taxed
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‼️IMPORTANT: Speak with your Bank, Financial Advisor or Tax Professional BEFORE setting up any registered investment accounts. This will ensure they are setup properly & avoid costly penalties.
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🤓 Need help with your taxes or navigating CRA?
Contact me! [email protected]
www.thetaxprosonline.com